I was wondering when pressure would catch up with them.


(Reuters) - OPEC meets in Abu Dhabi on December 5 to discuss the possibility of a supply increase. Consumer nations have urged the group to raise output to halt oil's rally towards $100 a barrel.

The last 500,000 barrels per day (bpd) increase, agreed at OPEC's September meeting, has failed to stem oil's gain of more than 40 percent since mid-August.


LINK

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I doubt they will have much success in bring the price of oil down much. Once it goes up, events usually keep it there, or close.

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Around my house last year gas was $2.39 a gallon, today it is $3.07. If it goes down it will do so about 40 cents, then back up by 50 cents. I will never go as low as it was a year ago. It gives the people time to adjust to the price before the next increase.

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I have a feeling a lot of low income folks are going to have a rough time this winter as they are the least able to adjust to this kind of increase.

The government is going to have to increase help for these folks or we will have some pretty sad stories flashing across the headlines.

_________________
To argue with a person who has renounced the use of reason is like administering medicine to the dead.
Thomas Paine

It's impossible to be an effective leader of a country when everyone thinks you are stupid.

The stories will flash on the news but the media will somehow keep it from becoming a major story.

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My state is already short funds for heating assistance. There are a lot of people signing up that never applied before and I haven't heard much about increasing funding on the Federal level.

_________________
To argue with a person who has renounced the use of reason is like administering medicine to the dead.
Thomas Paine

It's impossible to be an effective leader of a country when everyone thinks you are stupid.

In my area it is nat. gas for heating and I nevfer thought about the heat oil thing much. I am gonna do some research to see what the govt is doing.

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Well, it hit $100 today.

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Yep, but closed at $99.62 a barrel


Oil prices eased Thursday after soaring briefly to a record $100 a barrel overnight on escalating violence in Africa's leading oil producer, a weaker U.S. dollar and a view that global demand for oil will outstrip supplies.

Traders were awaiting the release of a weekly U.S. petroleum supply snapshot later Thursday, and some expected crude futures to breach the $100 a barrel level if the government reported crude inventories fell by more than expected, analysts said.


LINK

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Damn, .38 cents short. They are just teasing us.

I paid $3.15 Gallon for my heating oil last week and Diesel for my truck is $3.79 a gallon.Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

In my area it is $3.09 for reg.

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Gas prices are so high here we have to stand on a ladder to pump it.

Regular $3.259

Plus $3.319

Premium Don't ask

Diesel $3.679

Closed y/day at $99.18--retreating agin--but will the prices at the pump come down?

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Energy policy has been ignored in this country since the late 70s. We are reaping what was sown for 30 years.

The current situation is demand driven. China and India sucking up much more oil than they used to - due to their economic growth this decade.

So what to do to lower prices? I think the choice is to either increase oil production, or stop buying it. The best answer is to get on a road that leads to being oil free. The big story from the last energy bill this year was increasing mile per gallon mandates. Not enough.