OPEC Thinks You're Not Paying Enough For Oil
The Organization of the Petroleum Exporting Countries announced that they think oil consumption will actually go down. Last month they figured the demand would 900,000 barrels of oil. This month they’ve revised that statement and now say we’re only going to go through a measly 800,000. “The ongoing downward trend in crude-oil prices reflects the dramatically worsening conditions in global financial markets in recent weeks and their negative impact on the real economy, as well as the decline in the demand for oil,” OPEC said.
A Barrel of oil in July cost $150 but now it costs $75. This sounds good for us but OPEC isn’t happy. They’ve scheduled a meeting on November 16 to discuss a reduction in supply to shore up oil prices. So while things are looking better right now it probably won’t stay that way for long.
OPEC should see that the reason why demand is going down is because people simply can’t afford gas at such high prices. If prices continue to go up alternative energy is going to become more important. It’s really starting to look like Mad Max.
To read more environment-related news, please visit the Causecast Environment Page.
For the full story, please visit Market Watch.
Photo: species_snob/flickr
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