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OPEC Cuts Oil Production

Started by washingtonindependent · 8 months ago

Since oil prices plummeted to below $70 a barrel, the Organization of Petroleum Exporting Countries has been talking about cutting oil production to respond to a demand that just keeps dropping. Today, OPEC is doing it. It announced a plan to cut oil output by 1.5 million barrels.
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3 comments

  • I cant beleive OPEC! It is screwing the consumer every day that we have to pay over five dollars a gallon of heading oil! www.northernvox.com
  • I cant believe we are going to allow the companies to get away with screwing the consumer. This will continue the more than five dollars a barrol for heating oil!
  • OPEC will not be satisfied until they have managed to become the richest countries in the world. Since 2004 their actions have been nothing short of econimic terrorism.

    In 2004 when oil prices doubled their response was to cut production by 1 million barrels per day.

    This unchecked greed will seriously impair the world economy and make it more difficult for the world to snap out of it's current econimic crisis.

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