Hang on to your wallet.

OPEC just announced that they are cutting oil production immediately. (By about one million barrels a day) Look for gas prices to jump 10-20 cents a gallon within the next couple of days.

What is their reason? Need to find alternate fuel sources or open up and drill in the ANWAR area of AK. That or we should increase Tarrifs to Saudi Arabia on all goods.

just flippin’ great. I need to buy a rice burner.

I’m gonna have to add another word to my vocabulary. “Carpool”

That $35 gas bill for my truck was highly unacceptable.

OPEC can kiss my

Believe it or not, following the announcement crude oil futures dropped $1.25 from $36.24 to $34.99 after being up slightly earlier this morning. They have been exceeding their self imposed quotas since 2002 and the new “cut” will unlikely result in any reduction in oil production. Oil inventories in the US are up 2% from last month and worldwide there is an ample supply of oil.

BTW-OPEC produced about 1/3 of the world’s oil and only 10% of the US oil needs comes from OPEC.

So look to save $.10 during your next fill! Go OPEC!

Didn’t we just liberate a large oil field over there?
Guess we can’t use any of it.

Forgot that we get most of our oil from Venezuala, Mexico, and Canada….and less than 10% from the Middle East.

Also remember that we are just coming out of winter which means less fuel oil consumption which should help stabilize supplies and prices short term. Poor OPEC!

We’ll see how this shakes out. Sometimes the futures prices don’t correlate with pump prices. WCCO radio reported pump prices could be up 20 cents a gallon here in the cities by the weekend. Part of the problem here is the refinery at Rosemount had to cut production due to fire there last week, so local supplies are tight.

Iraq was down producing under 200,000 gallons a day, now they are over 2 million per day. They are a member of OPEC but have not been included in the OPEC quota since the UN imposed oil for food program. Dont get me started on what a shame that was

I don’t understand it. Here in Waterloo last week, $1.64. Sat. down to $1.59, Tuesday, $1.57 and today, $1.69. It just don’t add up.

up here in Blaine, it went from $1.59 at 8:00 a.m. to $1.77 at 2:00 p.m. now i know that for a fact that gas just don’t jump like that because we are facing a shortage. i wish that gas would just level out and stay on the chart and not over the moon.

shane

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Didn’t we just liberate a large oil field over there?
Guess we can’t use any of it.

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Just worth repeating

At 6:30pm gas here in Rochester was $1.67, at 7PM it went up to $1.75 .

The president must have sneezed at 5pm…..you never know what can makes the prices change so fast so maybe they think the president is sick. It’s just another excuse to raise the prices.

Let’s see…That will be 30 gallons for the truck and 30 gallons for the boat…Over a HUNDRED *#@%ing DOLLARS!!!!

Glad I’m getting an Opti

Here is a observation that may help put some of this into perspective. In Feb. I was in Austria for a business/ski trip. On our way from Salzberg to Zurich I stopped for gas. I filled the tank with about 40 liters(approx 10.5 gals) The cost was 38.60 Euros (which at the exchange rate then came to $49.02). After paying over $4.60 a gal. for gas it makes the $1.59 I payed yesterday look pretty darn good.

Another bright spot is this will make wind, solar, and fuel cells more attractive and economically feasible to develop and put into use. The more these technologies are put into use the less dependant we will be on the opeckers.