Quote :

"Saudi Arabia walked out on OPEC yesterday, saying it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran. As the world's largest crude exporter, the kingdom in the desert took its ball and went home. As the Saudis left the building, the message was shockingly clear. “Saudi Arabia will meet the market’s demand,” a senior OPEC delegate told the New York Times. “We will see what the market requires and we will not leave a customer without oil." OPEC will still have lavish meetings and a nifty headquarters in Vienna, Austria, but the Saudis have made certain the the organization has lost its teeth. Even though the cartel argued that the sudden drop in crude was due to "oversupply", OPEC's most powerful member knows that the drop may only be temporary. Cold weather later this year could put pressure on prices. So could a decision by Russia that it wants to "punish" the U.S. and European Union for a time. That political battle is only at its beginning. The downward pressure on oil got a second hand. Brazil has confirmed another huge oil deposit to add to one it discovered off-shore earlier this year. The first field uncovered by Petrobras has the promise of being one of the largest in the world. The breadth of that deposit has now expanded. OPEC needs the Saudis to have any credibility in terms of pricing, supply, and the ongoing success of its bully pulpit. By failing to keep its most critical member, it forfeits its leverage. OPEC has made no announcement about any possibility of dissolving, but the process is already over."

9/15/2008 12:40:29 AM

Quote :

"Pilot issues price gouging statement Katie Shands Florida's attorney general is asking for documentation related to gas prices from several major companies, including Pilot Travel Centers and Flying J. The state of Florida said it has received more than 350 price gouging complaints Pilot Travel Centers CEO Jimmy Haslam issued a statement regarding the current gas shortage: Pilot understands the severity of the situation created by the market disruption due to Hurricanes Gustav and Ike. Our priority has been to keep our customers supplied with fuel at prices commensurate with the cost we have paid to acquire the product. Pilot certainly will cooperate with the attorney general's inquiry into this matter and will provide whatever information necessary. It's not clear how many complaints have been filed in Tennessee over price gouging. If you would like to file one, contact the Tennessee Division of Consumer Affairs at 1-800-342-8385 or visit http://www.tennessee.gov/consumer. You can also report price gouging to the Department of Energy at http://gaswatch.energy.gov/. "

9/15/2008 12:42:24 AM

well, at least Bush got something rite, AMIRITE?

9/15/2008 12:43:38 AM

It'd be nice to have the source of the original article.

9/15/2008 12:48:15 AM

^^^what does that have to do with the OP's article?

anyways its funny how some of the weaker countries who hate us seem to have all the oil, it will be funny when we finally find an alternative

[Edited on September 15, 2008 at 12:50 AM. Reason : ^]

9/15/2008 12:49:51 AM

haha nothing

[Edited on September 15, 2008 at 12:50 AM. Reason : didnt want to make a thread]

9/15/2008 12:50:38 AM

ok, well your attempt at hijacking qualifies as being related to the middle east

9/15/2008 12:53:00 AM

if you're gonna post an article, at least cite where you got it from.

9/15/2008 1:12:52 AM

WWW.WBIR.COM

9/15/2008 1:13:36 AM

whats teh source on the OP's article? I checked some major news sites and saw nothing about this

9/15/2008 1:44:47 AM

The end of this cartel would massively drop prices, right? Or would speculation still hyperinflate them? I don't drive so it doesn't matter; I just like it when everybody plays to the rules of "idealistic capitalism".

9/15/2008 1:46:34 AM

fake

9/15/2008 7:17:50 AM

http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/11/the-death-of-opec.aspx

My apologies - comes from MSN news stock blog.

Can't you people use google - took me 10 seconds to re find it....

More Readings (I had no idea Merryl Lynch had tanked also...) : http://www.247wallst.com/


[Edited on September 15, 2008 at 7:26 AM. Reason : more]

9/15/2008 7:22:47 AM

bump

9/15/2008 6:21:09 PM