Oil slides below $40 despite OPEC cut

There are 12 comments on the TwinCities.com story from Dec 17, 2008, titled Oil slides below $40 despite OPEC cut. In it, TwinCities.com reports that:

Oil prices tumbled below $40 a barrel for the first time since the summer of 2004 Wednesday despite an announcement from OPEC of a record production cut of 2.2 million barrels a day.

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Hello

United States

#1 Dec 17, 2008
Someone call congress It's BUSH AND CHENEY they did it again...

“Live Life with GUSTO!!!”

Since: Jun 08

St. Paul, MN

#2 Dec 17, 2008
OPEC can't handle low crude oil prices. Since the oil producers are spending money and wealth hand over fist on luxury items, buildings, weapons, and massive infrastructure projects their treasuries are still bursting over because of high oil prices.

Recently the Saudi oil minister commented on CBS' "60 Minutes"[12/14] that it takes $55-$70 per barrel, depending on production levels, to daily sustain the Saudi economy. Now they are lowering production output to raise oil prices! The world economy is in turmoil and they want to raise oil prices?[Or, raise their greed levels?]

When the USA gets back on its economic tracks, will we, as a nation, continue to develop alternatives to foreign crude oil? It would be nice to see Big Oil live within a more modest profit environ.

...And so it goes!
Tom Shakopee

Lincoln, NE

#3 Dec 17, 2008
Let's not lose sight that we should be drilling now more than ever because 40.00 a barrel is a bargin price relative to what it will be in a year.
Stabby McStab

Chanhassen, MN

#4 Dec 18, 2008
Just wait until the election is over, "they" will raise the price of gas to $4 a gallon again.......What? It's over? Never mind.
Bob

Minneapolis, MN

#5 Dec 18, 2008
This is great news. My family owns to large SUVs and now we'll really have some fun. We didn't actually care when the gasoline was $4.00 a gallon. This just means we'll travel that much more and burn more gasoline. Great news!
KJL

Hartford, CT

#6 Dec 18, 2008
Awwww... poor OPEC members, not getting enough money. I am sure the cost will start inching it's way back up but until then no one in the oil/gas business gets any sympathy from me.

Anyone recall a few months ago when oil was at $147 per barrel and all the "greenies" out there stating oil is going to dry up, demand is going to go through the roof, blah blah blah... OPEC has cut production how many millions of barrels? This is because demand is down and people are driving around, what, 10% less. Could you imagine what the price per barrel and for a gallon of gas would be if we were driving 20% less!?!?! Alternatives are a good idea, but it doe snot look like we are in dire need of them like others say. We need to crack down on OPEC and greedy oil/gas companies.
Large Carbon Footprint

Maple Plain, MN

#7 Dec 18, 2008
Bob wrote:
This is great news. My family owns to large SUVs and now we'll really have some fun. We didn't actually care when the gasoline was $4.00 a gallon. This just means we'll travel that much more and burn more gasoline. Great news!
Liberty is a great thing. The only Americans that are unhappy with the lower gas prices are the global warming kooks. They don't care about the high price of gas hurting the economy, as long as it limits driving.

With prices under $40, now is the time we should be increasing domestic production of oil--to keep the price low. I wish liberals could understand this. This is a matter of national security.
Go DFL

Saint Paul, MN

#8 Dec 18, 2008
It is time to raise the taxes on oil and gas so that we can encourage green replacements for oil. This money should be given to the Wind, Solar, and geothermal companies. Now is not the time to go out and buy huge SUVs and live high on the hog. We have the momentum and now is the time to keep that momentum going.
ConservativeTeac her

Plymouth, MN

#10 Dec 18, 2008
Whoever gave you the negative "judge it" symbols is seriously lacking in all things necessary to contribute to a serious discussion.
Stabby McStab wrote:
Just wait until the election is over, "they" will raise the price of gas to $4 a gallon again.......What? It's over? Never mind.
Lawrence of St Paul

Minneapolis, MN

#11 Dec 18, 2008
Hello wrote:
Someone call congress It's BUSH AND CHENEY they did it again...
Nice try, but it was the Bama factor. These oil tycoons know their boon coon cousins, Bush and Cheney, won't be around to make them filthy rich through price gouging. So long Oil Dream Team. It's been nice knowing ya.
Hello

United States

#12 Dec 18, 2008
Go DFL wrote:
It is time to raise the taxes on oil and gas so that we can encourage green replacements for oil. This money should be given to the Wind, Solar, and geothermal companies. Now is not the time to go out and buy huge SUVs and live high on the hog. We have the momentum and now is the time to keep that momentum going.
ITS TIME TO TAKE YOU OUT IN THE WOODS....NOW IS THE TIME TO BUY AN SUV ENJOY LIFE...... LET GO DFL USE HIS COMPUTER 2 PERCENT OF THE DAY ='s HOW MUCH POWER WE GET FROM WIND. AL GORE DEATH OF THE BIG THREE
Irving Washington

Hastings, MN

#13 Dec 18, 2008
... and OPEC "slides" back under their rocks

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