Oil tumbles under $64 a barrel, OPEC cuts output
Newsbot @ Fri Oct 24, 2008 9:24 am
Title: Oil tumbles under $64 a barrel, OPEC cuts output
Category: Business
Posted By: WDHIII
Date: 2008-10-24 08:46:02
tritium @ Fri Oct 24, 2008 9:24 am
WHY!! Do we let OPEC decide the price of oil. WTF!!
Shouldn't market demand decide the cost, not a bunch of men sitting around a table in pajamas?
OPEC.PNG [ 281.67 KiB | Viewed 202 times ]
dino_bobba_renno @ Fri Oct 24, 2008 3:02 pm
tritium tritium:
WHY!! Do we let OPEC decide the price of oil. WTF!!
Shouldn't market demand decide the cost, not a bunch of men sitting around a table in pajamas?
OPEC.PNG
Shouldn't market demand decide the cost, not a bunch of men sitting around a table in pajamas?
OPEC.PNG
*on the pajamas comment*Thing being is that I'm not really sure if "we let" them decide.
QBC @ Fri Oct 24, 2008 3:24 pm
I love this...it costs the average OPEC nation $14 to produce a barrel of oil...$64 isn't enough profit for them?....But it isn't OPEC who sets oil prices anymore, the profiteers at the commodity markets that do.
ziggy @ Fri Oct 24, 2008 3:38 pm
Glad this a govt. job I'm going to tomm.
Pseudonym @ Fri Oct 24, 2008 3:50 pm
Drill baby, Drill! 
dog77_1999 @ Fri Oct 24, 2008 3:57 pm
OPEC is only a cartel in name. They never ever follow their quotas. Cutting production will jepordize the social programs in those countries. Saudi is basically the only one who can do any meaniful cuts, and they aren't keen to do much.