OPEC can't increase production

[rshaw125]

Oil is over $90 a barrel. OPEC cannot increase production to meet demand as they said they could.

 

[RTexasF]

Sure they can.....they just won't.

 

[Gary Allan]

Do you think that they're holding out so that non-OPEC members can reap the benefits of higher market prices? Nice of them to do that.

 

[bob_ninja]

Considering intentsive pumping activity for several decades now, those fields are bound to be depleted. Of course they cannot pump more. Which OPEC country would decline to pump more at this price??????

 

[G-MAN]

Demand is not up right now. The current price of oil is the product of speculation, nothing more.

 

[ALS]

Quote:

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Demand is not up right now. The current price of oil is the product of speculation, nothing more.

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100% correct. There is about $20 built into the price over Iran.

 

[pp_rp]

I hope the losers/highway robbers can't..

 

[oilyriser]

The price of oil is staying the same, while the Bernanke dollar is rapidly shrinking.

Let's stimulate home construction and consumption even more when there's a shortage of energy, and see what happens...

 

[Steve S]

The value of anything is what people will pay, of course factor in the value of the currency used to buy it.

 

[bob_ninja]

Quote:

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Demand is not up right now. The current price of oil is the product of speculation, nothing more.

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Demand is up everywhere in the world.
While some people are switch to smaller cars and hybrids, we still travel by air as much as always and there are many more houses to heat with oil.
Meanwhile China is rapidly building many more cars, to the point where they have shortages now.

Global demand is certainly going up. That affects the price for everyone in the world, US and others.