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TUESDAY, NOVEMBER 24, 2009
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Talk of Oil-Supply Cut Sends Prices Higher

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(Newser) – Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member group.

Marathon's Texas City refinery is shown in Texas City, Texas, Sept. 11, 2008.
Marathon's Texas City refinery is shown in Texas City, Texas, Sept. 11, 2008.   (AP Photo/David J. Phillip, file)
In this July 31, 2008, file photo, a customer holds a gas pump handle at an Exxon station in Vancouver, Wash.
In this July 31, 2008, file photo, a customer holds a gas pump handle at an Exxon station in Vancouver, Wash.   (AP Photo/Don Ryan, file)
In this June 27, 2008, file photo, a person pulls a gas pump from his vehicle after filling his tank in Philadelphia.
In this June 27, 2008, file photo, a person pulls a gas pump from his vehicle after filling his tank in Philadelphia.   (AP Photo/Matt Rourke, file)
A Thursday, July 3, 2008, file photo of workers at an installation at the Zubair Moshrif oil field, 372 miles southeast of Baghdad.
A Thursday, July 3, 2008, file photo of workers at an installation at the Zubair Moshrif oil field, 372 miles southeast of Baghdad.   (AP Photo/Nabil al-Juran, FILE)
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3 comments
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longforme
Feb 9, 09 11:31 AM CST
good old greed is at it again.....were in the toughest financial period of our lives since 1929....and now the good ole boys are gonna ram it to us by raising gas prices......for no reason other than just good old greed.....and hey guess what,,,,,do you hear congress or obama saying that this is just corruption?or that its just plain greed?hell no....rich people don,t give a shit about the average joe....and that includes congress and obama........we need to get a public outcry about this big oil greed................speak to your friends and congress,,,,,,this increase in price is an outrage,,,,,,,,,,,,,,, Reply
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Forderon
Feb 9, 09 12:10 PM CST
You realize that OPEC is not a US org. right? The Congress and President can't just go around pressuring them to lower prices and calling them greedy and corrupt. It's a int'l organization of oil exporting countries. They can literally do whatever they want with their oil. We're lucky we even have the amount we have coming in. Why do you think Obama and Dems are so determined to rid of our dependence on foreign energy?
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Doctor_Zaius
Feb 11, 09 7:37 PM CST
In the 70s Opec made up 80% of oil production which gave them a lot of clout. Now they only make up 35% of oil production. Typically when Opec slacks off production and the price goes up other nations outside of Opec pick up the slack. They are not the boogie men the were in the 70-s Reply
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