Opec in its death throws?

[mdoyle]

I've been saying it for years- the price of gas has little to nothing to do with the supply.

For years it was assumed the demand for oil was inelastic meaning consumers needed it and couldn't do much to curtail their usage, that is wrong. The usage has dropped dramatically month after month and while we're talking small percentages, they represent a massive reduction in usage.

http://www.bizjournals.com/phoenix/s...1/daily41.html

The Liberals love so say, "any new drilling won't produce results for 25 years", what a bunch of BS! I'm here to tell you firsthand that the rig and platform projects I've worked on produce within months- not years.

Right now there are more drilling and exploration projects going on than ever and the oil companies are well funded (duh) and spending to expand their market share.

The price of gas will adjust to a tolerable threshold, probably around $3.50 a gallon where average Joe can afford it and the oil companies get theirs. Just don't fall for the BS line that releasing the strategic reserve or drilling in Alaska will lower the price- it has nothing to do with classic economics!

Last example- there is enough oil off Brazil's coast and it is already being tapped, here is a project I worked directly on and it's producing 2 million barrels a day (yes a day). Did the price of gas go down when it came on line in 2007? NO!

http://www2.petrobras.com.br/Petrobr...aforma_p54.htm