Tuesday, March 30, 2004
Gas Prices...
OPEC May Ratify Output Cuts, Sending Crude Oil Prices Higher
OPEC does deserve much of the blame but there is plenty to go around. Go look in your garage or driveway. Do you see an SUV? If you do you have NO right to complain about fuel prices.
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OPEC at a meeting today may leave in place production cutbacks planned for next month, six ministers said, a decision that may send oil prices in New York above $40 a barrel to reach levels last seen in the 1990-1991 Gulf War.The administration has expressed concern but will never do anything about it. The Saudis bought the Bush family years ago.
OPEC has ``had a stranglehold on this market for a very long time, so to doubt them is not a very smart move,'' said Edward Silliere, vice president of risk management at Energy Merchant LLC in New York. Oil prices may rise to $40 or $42 a barrel later this year as a result of OPEC's plan, he said.
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Bush's administration has expressed concern of surging energy costs. U.S. regular-grade gasoline last week rose to a record $1.758 a gallon.
OPEC does deserve much of the blame but there is plenty to go around. Go look in your garage or driveway. Do you see an SUV? If you do you have NO right to complain about fuel prices.
