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<blockquote data-quote="The Other Side" data-source="post: 1428206" data-attributes="member: 17969"><p>Sort of true, but mostly not.</p><p></p><p>OPEC during the BUSH administration, when prices were the highest in HISTORY, was operating all production sites at 99.9% output. BUSH repeatedly told us that there wasnt any more oil to get and demand was exceeding supply.</p><p></p><p>The price of oil collapsed in the 5 months before the 2008 election after all time highs and when Obama took office, OPEC began to cut production of its oil wells. Slowly, they cut production back to keep prices higher and for the most part it worked.</p><p></p><p>President Obama, who forced oil companies to either use off shore leases or LOSE them increased domestic production, and OPEC continued to cut production. Today, OPEC isnt operating at 65% of capacity.</p><p></p><p>SO the question becomes, how during the BUSH administration was OPEC operating at 99.9% of capacity and there was a "shortage" with prices being skyhigh, and now OPEC is operating at near 65% capacity and there is a glut of oil?</p><p></p><p>OPEC cannot cut production any further. The speculators on wall street cant drive up the price anymore. OIL is being discounted to levels unseen in 40 years and OPEC cant give it away. China isnt buying extra because they dont have the capacity to store anymore oil. Japan isnt buying and the US is slowly weaning off of OPEC.</p><p></p><p>I for one, would like to see the oil business collapse and the per barrel price near 30 dollars where it belongs.</p><p></p><p>TOS.</p></blockquote><p></p>
[QUOTE="The Other Side, post: 1428206, member: 17969"] Sort of true, but mostly not. OPEC during the BUSH administration, when prices were the highest in HISTORY, was operating all production sites at 99.9% output. BUSH repeatedly told us that there wasnt any more oil to get and demand was exceeding supply. The price of oil collapsed in the 5 months before the 2008 election after all time highs and when Obama took office, OPEC began to cut production of its oil wells. Slowly, they cut production back to keep prices higher and for the most part it worked. President Obama, who forced oil companies to either use off shore leases or LOSE them increased domestic production, and OPEC continued to cut production. Today, OPEC isnt operating at 65% of capacity. SO the question becomes, how during the BUSH administration was OPEC operating at 99.9% of capacity and there was a "shortage" with prices being skyhigh, and now OPEC is operating at near 65% capacity and there is a glut of oil? OPEC cannot cut production any further. The speculators on wall street cant drive up the price anymore. OIL is being discounted to levels unseen in 40 years and OPEC cant give it away. China isnt buying extra because they dont have the capacity to store anymore oil. Japan isnt buying and the US is slowly weaning off of OPEC. I for one, would like to see the oil business collapse and the per barrel price near 30 dollars where it belongs. TOS. [/QUOTE]
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