OPEC has repeated what it has said before, but with a little twist. It will not raise supply before its September meeting. That means that relief from $130 plus crude prices may not be coming.
But, the small addition to the group's comments is that "OPEC has no plans to meet to discuss oil's surge to a fresh record, and would need to see a real supply threat to gather before the next scheduled meeting," according to Reuters.
While it is not entirely clear what that means, it probably includes disruptions of oil production in areas that have little political stability, especially Nigeria and Venezuela.
In general, OPEC says that speculation and a weak dollar are driving oil up. That is a convenient excuse for a cartel that is making hundreds of billions of dollars while gasoline prices move toward $5.
Douglas A. McIntyre is an editor at 247wallst.com.











Reader Comments (Page 1 of 1)
6-08-2008 @ 7:04AM
TKD1126 said...
This the results of reap what is sown. Greedy oil barrons that just had to have more and more. This doesn't effect them in any way other that make them more profit. The tax incentive I recieved as a single mother was 416.00 not the 600 I was hoping for. After I fill up our car and old farm truck, then groceries it will be gone. We both need clothes and a haircut. Incentives do not help but for a period of about 24 hours. I wish I could afford to move out of Georgia and the United States. Part of the problem is loaning money to foreigners and then the ones here that get free "everything" and live 12 families in one home to share expenses.
Why can't we go to the countries that owe us money and tell them we can be paid in oil?
6-08-2008 @ 9:48AM
hank said...
Just use military force on the the oil tycoons. take the Texas Tea by force so us average Joes can drive to work!
6-08-2008 @ 10:38AM
CHILLA said...
We MUST stop allowing OPEC to control our economy. Forget about the ridiculous global warming nonsense. We must develop COAL, WIND, GEOTHERMAL, SOLAR, AND NUCLEAR POWER ASAP!
6-08-2008 @ 11:16AM
moonie said...
Chilla you are so right lets do all we can ALLLLLLL we can to use less oil bike ride a horse plant a garden grow veggies. While im at it there are 120 million drivers in the US if one million people only bought 3 gallons of gas a day for each state every day thats only 20,000 gallons of gas sold each day for each state that day.NOW what if 40 million drivers did this 60 million what if all 120 million only bought 3 gallons of gas a day if enough of us did this it would create a storage glut then gas would go back down THINK AMERICA lets do this
6-08-2008 @ 11:24AM
moonie said...
Anybody in their right mInd would think Iraq would give the US SOME FREE TEXAS TEA OIL
6-08-2008 @ 11:35AM
moonie said...
Hey hank i'm a retired military man lets get out our m-16-s and go to Iran and take some of their texas tea got an extra and ammo i'll loan you one
6-08-2008 @ 12:10PM
Barb said...
This is crude oil prices being controlled by dictators who want America to become a third world country. Some say it has to do with Barack Obama who was a Senator over some of the countries in the mid east. We don't believe OPEC as when prices were 35 dollars a barrel there was no difficulties now when prices went into investments it was a get rich quick scam. Time to take all crude oil prices off the investment markets around the world.
6-08-2008 @ 1:05PM
Steve said...
I am so tired of the complaints about high oil and gas prices. It is our own fault for electing officials into office that refuse to do anything about it because of fear of losing the support of big business, ex- oil companies. If we would all pull our heads out of our asses and flush the current political BS out of the system, then maybe we would see that we have the technology and would not need to rely so heavily on foreign oil cartels. But NOOOO, we have to appease the "Green" lobbyists across the nation otherwise the candidates would not stand a chance getting into office. Had we done what Brasil did, back in the 70s, we would not be in this predicament!!!
6-08-2008 @ 1:11PM
Steve said...
Another thought, while I am on a tangent. Since we have a surplus in soft food commodities, why don't we tell them we will trade them 100 bushels of corn for 100 barrels of oil???? We all know that they cannot grow anything in the desert!!!!
6-08-2008 @ 1:18PM
Dan Barnett said...
Hey Hank,
Back in 1939 my parents had a word for countries who marched into other countries to take their resources.
6-08-2008 @ 6:43PM
Bill Lilley said...
The first thing is The New York and Chicago Commodity markets need to be closed down. They were under investigation and oil went down,soon as the investigators left they jammed the price by fifteen dollars per barrel Friday,the crooks in action as they say,that even looks crooked,so does this mean Monday morning the investigators will be back? Right.
The rich Wall Street investment banks need to be put under investigation due to price manipulation,and analysts telling you what your going to pay for something,food and fuel,they must have a magic crystal ball to be able to predict the future.
They are trying to offset the housing market collapse,by raping the consumers.