$140 Oil going to $170

[Dunerunner]

I doubt you are going to see GM, Ford or Chrysler reopening their truck or gas hog factories for some time to come. Oil remains a volatile commodity and as long as the threat is there you will see the fuel sippers being developed.

[theguywiththelongestname]

It seems that OPEC will cut production soon by @ 1 million bbls...in order to "stabilize" price at the $70-$90 range...whatever...

I'll keep on doing my part to cut demand!

[Dunerunner]

Now if we could get some domestic production going, that would drive the OPEC price even lower, thwarting their attempts to keep prices high.

[jwight]

Americans have the world's shortest memories: As prices fall, push for alternatives may ease - Washington Post - MSNBC.com

“Those who do not learn from history are doomed to repeat it” - George Santayana

[vwW12]

Originally Posted by Dunerunner

Now if we could get some domestic production going, that would drive the OPEC price even lower, thwarting their attempts to keep prices high.

Absolutely correct! The news today, of course, is that Cuba is about to become one of the top-20 oil producing nations [news report at the BBC] because they just found huge oil reserves... 45 miles away from Key West.

In fact, in that little patch of seabed, the Cubans may have found as much oil as the entire United States: "the same as those of the US - 21bn barrels, according to the Oil & Gas Journal - and nearly twice the size of Mexico's - 11.7bn barrels."



Fortunately, 20 days ago Congress ended its 30-year long prohibition that kept the United States from exploring for oil in the same place where Cuba just found more oil than the rest of the U.S. put together.

[astuto]

OPEC Announces Further Oil Price Increase, 50% In One Year
Inflation 13.3%, Prime Rate 15.75%
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Headlines from 1979