OPEC keeps lid on supplies

[maseman]

Source: Reuters

LONDON (Reuters) - Oil climbed further above $74 on Monday, within sight of its record high, as OPEC kept a lid on output in the run-up to its September 11 ministerial meeting.

Market participants were keeping watch of a potentially catastrophic Category 5 storm in the Atlantic Ocean. Current projections show it avoiding offshore U.S. oil and gas fields.

(snip)

Consumer nations have been calling for more oil as the price climbs back towards its August 1 all-time high of $78.77. Oil analysts also say OPEC must boost supplies to keep pace with growing demand this winter.

Read more: http://www.reuters.com/article/hotStocksNews/idUSSP5715420070903

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ANyone f-ing tired of the "Well the summer driving season is here" and then the "Well the Winter demand is here" arguments for high oil prices? Yes demand is a big problem. But there is ALWAYS demand. You cannot blame a season on demand anymore. It is price fixing in general is the problem.

A tropical depression in the Indian Ocean causes a barrel of oil to go up $5. It is ridiculous.

[brokensymmetry]

1. No - the problem is not price fixing.

The problem is peak oil. We are on a bumpy plateau.

What comes next?

Tears beyond number, pain beyond comprehension, and
the death of billions.

[NickB79]

2. I'm amazed how people keep refusing to see the writing on the wall

I guess accepting that we're at Peak is just too horrifying to most people when they realize their way of life is about to get much, much more difficult in the years to come, and that the American dream is evaporating before their eyes.

[Javaman]

8. There are two types of people...

that look into the abyss of peak oil.

Some see opportunity and change for the better, but most see horror, look away and continue to lie to themselves, hoping everything will be just fine.

I was never one to whistle pass the grave yard.

[depakid]

3. "Consumer nations have been calling for more oil..."

And thus it begins....

[bemildred]

4. How about: "OPEC unable to increase supply."? nt

[rustydad]

5. Well...

...I have a huge oil well in my back yard. I am going to wait to get the price really high $$ to sell it....not. Peak Oil is here my friend. Adjust or whatever. It's over. Get a bike and some seeds to grow. Bob

[Auntie Bush]

6. And get rid of those SUV's and start chopping down trees.

Chop them now so they'll be nice and dry for next year. This year is going to be a problem. We'd better get our chimney repaired...pronto!

[maseman]

7. I made the move three years ago

I own a ranch modest in size. About 1500 sq. ft. I put in a wood stove insert into my fireplace. It cost about $2,000 total plus the chimney stainless steel pipe.

I can heat my house without any help from the furnace down to about 25 to 30 degrees. Once below about 25 degrees my furnace will run to heat the basement and the back bedrooms for the kids. I'd sya it runs about 1/4 of what it did before for the whole winter.

It does take some work in that you need to cut wood (cut now for next winter), feed the thing about every six hours, spend one day per week cleaning out ashes, etc. But my gas bills run about an average of $50 per month all year where my folks run about $120 per month all year.

Plus I have my Honda Odyssey and my Honda Civic which are both good on gas.

[lonestarnot]

9. What happens when you run out of trees? And what about the pollution?