OPEC to attempt to lower rising oil prices

[Roland99]

http://www.businessweek.com/ap/financialnews/D8ANFUOO0.htm?campaign_id=apn_home_down

JUN. 14 12:01 P.M. ET With its clout and credibility at stake, OPEC leaders said Tuesday they will attempt to lower soaring oil prices by raising the cartel's production target.

But economists dismissed the move to lift the official quota to 28 million barrels a day, noting that the 10 member nations bound by it are already pumping that much. They said oil markets -- and drivers suffering sticker-shock at the gas pumps -- are unlikely to see much of a difference if the Organization of Petroleum Exporting Countries takes the expected step at its meeting Wednesday.

"Even if OPEC decides to raise its output ceiling, it won't ease fears of tight supply toward the end of the year," warned Paul Horsnell, head of energy research at Barclays Capital in London.

Wish they'd hurry. Gas just went up $0.18 between this morning and lunchtime. Now at $2.19

[jus_the_facts]

1. Blah blah blah....same o'song and dance.....

:nopity:

[phantom power]

2. This is a farce. And a dangerous one.

OPEC needs to quit over-pumping their fields, in the name of perpetuating this delusion of endless supplies of cheap oil. This is going to cause their oil fields to crash, instead of a more stable, gradual decline.

[denverbill]

3. Don't know why they are in such a hurry to pump their wells dry.

You'd be far better off being the last person to own oil than the first to run out.

[endarkenment]

4. its more complicated

The saudis want to maximize their value. If oil is too expensive alternatives become more attractive and conservation efforts become politically acceptable and the real value of their oil in the ground goes down. They would prefer us to squander oil. It is another example of the irrational effects of unregulated free markets.