Truth. Let’s hope it doesn’t come to that.
How did Bush pull this off?
More reading.
http://www.forbes.com/markets/2008/09/11/oil-saudi-opec-markets-commodities-cx_ll_0911markets20.html
Cliffs:
MF Global analyst Edward Meir derided OPEC’s announcement as “smoke and mirrors,” as nobody really knew just how much extra capacity Saudi Arabia had provided in the first place. “There is some debate as to whether this additional amount [estimated at 520,000] was produced in the first place, as it may have just been available if needed,” Meir told clients. “It therefore seems that OPEC is merely rolling back output that may or may not have been in the market at all.”
In other words, Saudi Arabia is far from a rogue member of OPEC. One Kuwaiti analyst, Kamel al-Harami, told Agence France-Presse that the cartel would do little until December, when it would make a “final” decision on cuts.
Turns out it’s still good news, but Saudi Arabia is not quitting OPEC or any other historic shit.
So why a cut? The answer is that in the strange world of OPEC, where words have special meaning, this cut may not be a cut at all. For the sake of unity in the organization, the Saudis appear to have yielded to pressure from hard-liners such as Algeria, Iran, Libya, and Venezuela to put what at least seemed like a cut into OPEC’s post-meeting communiqué.
Saudi Arabia: Acting On Its Own?
But no specific numbers were spelled out. Instead, a complex formula was devised that isn’t easy to interpret. OPEC members will now comply with September 2007 production quotas adjusted to include new members Angola and Ecuador and excluding Indonesia and Iraq.
Looks like smoke and mirrors is about right. Just disagreement amongst OPEC regarding whether they’ll make the most money by keeping prices high or letting prices slide to help the world economny recover. It’s not getting a lot of coverage because it’s not that big of a deal. Not like the GOP VP candidate calling herself a dog then getting pissed when the Dems call her a pig. That’s SRS BSNS right there.
I have no problem paying $2 a gallon for gas. I just am saying if it gets that low, people will lose sight of the energy crisis and scale back their “green efforts” IMO and cause it to rise again. Just going with trends here.
I would love 3 dollar a gallon gas again but I agree if it does happen stupid americans will go back to buying gas pigs and forgetting about what we need to do
Yeah. SUV driving morons.
Haha I’m ahead of the trend. I bought my <20mpg DD right when the prices started rising last year. :thankyou:
You guys seem to think that people react much more quickly than they actually do. If gas went down to $2 tomorrow people would not be flocking to buy full sized trucks/suvs.
- It would take years of continued $2 gas to make people think it was here to stay.
- When people buy a car the majority are planning on keeping it 3+ years, and I doubt you could find anyone who would bet on gas staying low for that long.
- Manufactures have shifted development to fuel efficient vehicles. Since it takes 5+ years to bring a new vehicle to market the cool new vehicles coming out for the next 5+ years are going to be smaller vehicles. It’s the same reason GM (Silverado/Yukon and GMC twins) and Toyota (Tundra) ended up rolling out new full sized vehicles right as gas prices were peaking.
You know how I know this is true? Because it’s happened before right here in the US. This is not the first gas crisis this country has faced.
Buying new cars is a big step but even small things like not taking that road trip and stuff people are doing more as gas goes down. People will just start driving more again in general and filling up more often.
Side note, anyone dumb enough to jump on the 2.99 gas for three years deal that Chrysler had running for a while?
^ I wouldn’t buy a Chrysler if they gave me free gas for 3 years. 
people dumped their Suv’s and trucks very fast even though they took a huge hit and had to roll in a large amount onto their new loan which prolly ended up costing them money in the long run
Yep, and those people will be even slower to consider getting another gas guzzler because of the financial hit they took getting rid of it.
I tend to disagree but then again I have zero confidence in people to be of average intelligence
Look at american spending. Debt doesn’t scare anyone.
Doesn’t matter. It’s much harder to get the loans now, and these idiots that are way upside down on their new gas sipper because they traded in their upside down gas hog are not going to be able to get another loan even if they want to.
But I still say the majority of them won’t want to anyway, not without 3+ years of low gas prices.