OPEC freezes output, sparks price rally

OPEC has snubbed US President George W Bush by deciding to leave its production level unchanged, sending crude prices spiralling more than $US3 higher.

Read full story from www.news.com.au

[Will Rogers]

So much for having "friends" in the Saudi government. Take away the "r" and it's much more appropriate.

[Lollerkeekles]

Will Rogers wrote:

So much for having "friends" in the Saudi government. Take away the "r" and it's much more appropriate.

You do realize that the US is making money off of these high oil prices too, you know. Oil is traded in US dollars around the world, which benefits us... a lot.

[Betty]

How much profit are the oil companies making now?

[Waid]

does the american government give other countries a discount of their products? Nope

[stpetejeff]

who would have thought? Soon the world will be doing business in Euro's.
Inflation, staglation and the King and his cronies are just realizing there's a recession soon to be depression. Stay tuned

[JCD]

No surprise there, our nice friends at Opec are really grabbing us by the b * lls now. At least I bought some oil stocks in advance to counterbalance other stock losses.

[Smith]

Get out of Iraq and watch oil prices go down!

[Rudeone]

Will Rogers wrote:

So much for having "friends" in the Saudi government. Take away the "r" and it's much more appropriate.

I don't think it has as much to do with the Saudis being 'friends' as it has to do with their rumored 'peak' of their own production in a few short years. Prices are only going one way.

[Urban Cryer]

Here is the Post's breakdown on the price of gasoline:

54.8% can be attributed to the cost of crude oil
21.7% is the cost of refining
4.5% goes for marketing, distribution and storage
18.9% is for taxes

So if Gas is 3.00 a gallon, without tax it would be 2.43, maybe the government should look at itself when complaining about the oil company profits!!!!

[YOUBELIEVEANYTHI NG]

Betty wrote:

How much profit are the oil companies making now?

yeah cus we all know that Exxonmobil controls opec, and does so at the behest of Bush! Hopefully we elect a windmill salesman next time!

[Urban Cryer]

Smith wrote:

Get out of Iraq and watch oil prices go down!

Are you really that stupid?

[Mechanic45]

Maybe this will be some incentive to open the reserves...

[JCD]

Smith wrote:

Get out of Iraq and watch oil prices go down!

You have to look at the total supply and total demand, globally. That determines the overall price. Instability in Venezuela is also contributing plus the huge demand increases in China and India.

[SunSetter]

Smith wrote:

Get out of Iraq and watch oil prices go down!

And innocent Americans dying at the hands of suicide bombers go up.

Everytime I forget why I hate California, some moron opens their mouth and reminds me

[white hair]

Why do we stay dependent on OPEC or the Saudis for oil when we have all we need here in the U.S.A but congress won`t let the oil companys drill.Environmental problems can be fixed but to drain all of us for petrol is crazy.The U.S.A. is going broke.

[white hair]

So are the rest of us.Jefferson wrote( we shall hang together or hang seperately)or something like that.

[leo from shanghai]

time for george w. bush to grab his knee pads and play MONICA OF ARABIA.

[Tim J]

Time to break out the old horse and buggies !!!!

[Iso]

Lollerkeekles wrote:

<quoted text>
You do realize that the US is making money off of these high oil prices too, you know. Oil is traded in US dollars around the world, which benefits us... a lot.

It only benefits us when we have a strong stable economy. It doesn't benefit, and in fact hurts us, when we have 1% inflation per month and a bleak economic outlook.

[Former Lee Warmer]

SunSetter wrote:

<quoted text>
And innocent Americans dying at the hands of suicide bombers go up.
Everytime I forget why I hate California, some moron opens their mouth and reminds me

There was no such thing as an Iraqi suicide bomber before we invaded their country. Iraqi suicide bombers are 100% American made.