gas went down 6 cents today...we are at 2.44 woohoo! Maybe we will catch up to the rest of the country by New Years.

Too good to last

 

HONG KONG (AFP) - The
OPEC cartel has agreed informally to cut oil output by one million barrels a day or 4.0 percent in order to bolster prices which have fallen some 25 percent from record levels in July, the Financial Times reports.

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The newspaper said the majority of the 11-member Organisation of Oil Exporting Countries back a voluntary reduction and the deal could be ratified as early as a mid-December meeting in the Nigerian capital of Abuja.

An unnamed OPEC official said in the report that the group "is going to defend a price floor for its oil of 50-55 dollars a barrel." The price of OPECÂ’s reference crude oil on Wednesday was 55.27 dollars.

The benchmark US light crude contract for November was quoted at above 60 dollars in early Asian trade, recovering from sharp overnight losses.

The Financial Times said Saudi Arabia, the world's top producer and OPECÂ’s most important member, is unhappy with the move towards voluntary cuts even though it has quietly cut its output by 200,000 bpd over the past two months.

It noted that Kuwait on Wednesday became the first Gulf state to herald production cuts after Nigeria and Venezuela announced on Friday that they would reduce output by a total of 170,000 bpd.

"We are currently in negotiations with fellow OPEC members. Matters have been left that these voluntary reductions undertaken by some OPEC countries will calm the markets, at least for the current period," Sheikh Ali al Jarrah al Sabah, KuwaitÂ’s energy minister, said in the report.

The newspaper, citing OPEC insiders, said Kuwait,
Iran, Venezuela, Nigeria and Libya had informally agreed to voluntary cuts and the United Arab Emirates had said it was likely to join in.

The discussion on cutting output comes amid concerns that once through the northern hemisphere winter, the second quarter of 2007 could see a sizeable glut unless production is reduced well in advance, it said.

Oil prices soared to record highs in July and August as the market looked at rising US demand and the possibility of UN sanctions being imposed on Iran, a major exporter, over its nuclear program.

  Israel's offensive against Hezbollah guerrillas in southern Lebanon added to the geo-political concerns but the markets have since become more relaxed about these factors while stockpiles in the United States, the world's biggest energy consumer, have grown.

just saw it for 2.17 9 ! holy 1998! yea that'll be done shortly!

I still say we should stop sending them food. Let them eat sand for a few months and then see how much they think their oil is worth.

wow- you're right! totally forgot, seems like ancient history! 

I got some gas at $1.99 yesterday!

Wow, I still had to pay $2.15 yesterday. I hope those prices keep coming this way.

It looks like I better wait just a little longer before calling my propane guys to have them come fill my tank back up here at the shop.