Posted by
Dawnsblood on Wednesday, January 10, 2007 6:48:15 PM
It seems to me a few years back gas prices were a lot lower than this. It wasn't an emergency then. They have just gotten used to gouging us and
really want to continue banking on our misery.
Oil ministers are today expected to continue
yesterday's frenzied round of telephone calls after the price fell
below $54 a barrel, triggered by mild weather, particularly in the US.
The
oil markets initially shrugged off an escalation of an oil pipeline
dispute between Russia and Belarus, and some OPEC members fear that the
price will fall further unless the organisation agrees to cut
production.
Yep until March 28, 2000 they were aiming for
$22 - $28 a barrel. What changed to make $54 an 'emergency'? I vote greed.
Until the
March 28,
2000 adoption of the $22-$28 price band for the OPEC basket of crude,
oil
prices only exceeded $23.00 per barrel in response to war or conflict
in
the Middle East. With limited spare production capacity
OPEC has abandoned its price band and for close to three years was
powerless to stem a surge in oil prices which was reminiscent of the
late 1970s.