A source at Opec said its 13 members were uncomfortable with the current price of crude, which last week hit a record $135 a barrel.
Based on present supply and demand, he said it should be fetching $60-$70 a barrel.
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[Also, according to Senator Nelson, Democrat from Florida, about a Senate hearing in which an oil executive told the Senate panel that oil should be at or around $55 a barrel based on supply and demand, coupled with OPEC telling us it should be at $60-70, we can take away from that a max of $70 a barrel ... so why is it $130]
There is no need for gas to be $4 a gallon. None. we don't need to spend $130 to fill up a min-van/people mover/caravan. None. We can conserve and will, using new technologies as we had already begun to do before oil flew up to $130 a barrel.
Speculators are to blame for a huge portion - not US demand.
Re-regulate this area - make it impossible to bet on prices for oil or manipulate the market in this way. Investigate individuals and groups who are betting on the markets and find out who and how much to determine if it is purposefully caused and created.
And let's not jump out of our skin when the price falls four fold to fall in line with $60-70 a barrel. Our technology will still advance the use of new resources, it already had been.
It is amazing that we believe oil companies are greedy bastards (they are) and these greedy bastards want all the money they can get for the next ten years until oil drys up and they have no money and their companies collapse, because they weren't smart enough to be really greedy and plan ahead - which would involve other fuel sources.
I tend to believe they are really greedy and were already planning ahead.
oil.
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