... are expected to go up by at least 12% as an intended consequence of OPEC cutting production.

Interestingly enough, it has already gone down $1.88 this morning, based on January prices.

Maybe it's going to take a bit longer to see the increase.

Or maybe no one knows what the heck is going to happen.

"Crude oil for January delivery declined $3.45, or 7.9 percent, to $40.15 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Futures touched $39.88, the lowest since July 2004. Prices have tumbled 73 percent from a record $147.27 on July 11."

The above taken from this article:

http://www.bloomberg.com/apps/news?pid=20601087&sid=as693ID2nOv0&refer=home

According to the paper I read, OPEC's purpose is to raise the price at least that much, so they will keep cutting production until they achieve it. Kinda leaves us between a rock and a hard place.

I thought Saudi thought that $75 was fair.

From where I'm sitting, that would be fair. Might be hard on the price of gas down in Belize, but the upside for me personally would be that I would have work, ergo be able to afford to go to Belize to pay exhoribitant prices for gas.

SS - I think I'd be pretty comfortable in stating that your bar tab exceeds your petrol tab by an exponential amount - say like 5000:1 source: http://www.seashellsliquidintake.com

seashellsliquidintake link not working.

Crude closed at $40.06, even with OPEC reduction in output, supply is forcast to exceed forecasted demand.

I have a bridge for sale if you are interested

Peter, The member countries spent money they expected from oil sales and will now say they are cutting supplies to drive up prices but in reality they will cheat on their output to pay their bills. This is all part of their psychological battle to seperate us from as much money as they can.

Of course eventually it will go back their way unless we find other ways to do business. My suggestion, start building Nuclear power stations. Of course continue on green energy but costs are not in their favor at the moment.

Well, duh, klc . . . that level of liquidintake only applies on the nights before seashell goes diving. What's your excuse?