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

[HUMMERcustoms.com/TAZ]

mdoyle you are on the right train of thought. It is why I mentioned we have got to somehow go back to the win at all cost mentality we had in WW2. That is what it will take for USA to be great again. It is thinking about others than ourseles in our own country they way it once was. Greed has taken over the good old USA belief system.

My grandfather traveled all over AR to try and join for WW2 but, because he was a cotton farmer he was black listed. He would have given all to help his country including give his life.

Most do not recall this kind of Patriotism but, it is what it will take to win.

I'm in the oil and gas business and the commercial you see about benough oil and natural gas to power all our needs for 60
+ years is true. But the key is to use all the brain paower we have to work away from oil. I know this sounds crazy coming from a guy in th oil business as in owning wells and will cut my own throat in the long run but, my country means more.

TAZ

[ROX]

Originally Posted by HUMMERcustoms.com/TAZ

Greed has taken over the good old USA belief system.

TAZ

Merrill Lynch and Lehman Brothers today. There will be more. How's Wachovia looking?

Speculators are allowed to purchase LOADS of oil futures without actually taking delivery, and this compounds the problem of a weak dollar. The weak dollar makes it difficult for the auto manufacturers to compete with foreign companies..... and on and on and on...

I remember reading how in 1999-2000 our economy needed to correct itself. This is one of those times. Sadly, we're only partly thru the storm.