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<blockquote data-quote="The Other Side" data-source="post: 1491492" data-attributes="member: 17969">Oh gee, another oil expert in our midsts.&nbsp;If during the BUSH administration, output for OPEC was at 99.9% as BUSH told america as the reason prices were at record levels, how do you explain that OPEC is now operating at roughly 61% output?Thats a 38% cut in production since BUSH left office.Saudi Arabia and OPEC have cut production and cut it deep to attempt to keep prices high at the request of the American oil companies.They CANT cut any further as they are losing market share and they are also at a point where shutting down wells would put their own people on the unemployment lines.Of course, I dont for one second think you know or understand the oil market more than what you hear on fox news.OPEC is losing market share to libya, iran and south america and now the USA and Canada.Cutting production doesnt help Saudi Arabia, it only helps the american commodity trader and the USA oil companies maintain inflated prices.The increase in daily production in the USA of 1 million barrels a day is a ginormous contribution to the world markets and the largest cause of the worlds glut of oil.Without this increase, the world wouldnt be in a GLUT.Hopefully this helps.TOS.</blockquote>

[QUOTE="The Other Side, post: 1491492, member: 17969"] Oh gee, another oil expert in our midsts. If during the BUSH administration, output for OPEC was at 99.9% as BUSH told america as the reason prices were at record levels, how do you explain that OPEC is now operating at roughly 61% output? Thats a 38% cut in production since BUSH left office. Saudi Arabia and OPEC have cut production and cut it deep to attempt to keep prices high at the request of the American oil companies. They CANT cut any further as they are losing market share and they are also at a point where shutting down wells would put their own people on the unemployment lines. Of course, I dont for one second think you know or understand the oil market more than what you hear on fox news. OPEC is losing market share to libya, iran and south america and now the USA and Canada. Cutting production doesnt help Saudi Arabia, it only helps the american commodity trader and the USA oil companies maintain inflated prices. The increase in daily production in the USA of 1 million barrels a day is a ginormous contribution to the world markets and the largest cause of the worlds glut of oil. Without this increase, the world wouldnt be in a GLUT. Hopefully this helps. TOS. [/QUOTE]

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