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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

OPEC Slashes Oil Production

Saudi Arabian officials, concerned about a rapid fall in oil prices, said OPEC will cut oil production by about 2 million barrels a day.

Saudi Arabia is the largest oil producer in OPEC.

Saudi oil minister Ali Naimi said “supply is still somewhat in excess of demand” and global stockpiles are higher than normal, according to the Associated Press.

-- Michael S. Rosenwald

By Michael S. Rosenwald  |  December 16, 2008; 11:39 AM ET
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get ready for the pric of gas to creep back up.

Posted by: maphound | December 16, 2008 3:38 PM | Report abuse

How many times does OPEC have to juggle oil prices until we realize we are being held hostage to the whims of foreign nations? During World War II, WE had control of the oil and that is the reason we were able to defeat the Axis. (We had gasoline rationing in the U.S. to save RUBBER, which the Japanese controlled, not oil.) We've gone over this for decades now: Alternative fuels are the only way to go, and we HAVE the technology to produce them.

Posted by: TESimonton | December 16, 2008 4:07 PM | Report abuse

Big deal! I have cut back on my driving so much that my cut back is permanent. I don't use the car unless I have 3 or 4 places to go in the same area. I'm guessing, but I figure my gasoline usage next year will be at least 50% less than this year. And, I think millions of other Americans have done the same.

Posted by: mrsltc1 | December 16, 2008 4:52 PM | Report abuse

Because, It would be politically incorrect to say the OPEC oil rape continues on.

Market manipulation is what it is called. Why doesn't the US cut off its production of ?????
Oh, I'm sorry, I forgot the US doesn't produce anything anymore.

Why, because Free Trade is in ---And FAIR TRADE is OUT! Try to understand that there is a difference between the two.

If US farmers stopped producing food so they could raise prices you would see outrage. The world is held hostage by a bunch of oil thugs. So, why have we not become oil independent. Money talks, that's why!And OPEC is the Banker.

For years, and years, and years the Democrats have said---"even if we started drilling today---it would be seven to ten years till we got oil!

To that I say bull diddy. Even so, If congress had allowed off shore oil drilling 20 years ago--we'd be driving with United States oil-Not Pootie-Putes--or Hugo Chavez' or the OPEC oil Robber Barons

Wake up America,

Drill everywhere NOW, use Coal, use Wind, use Atomic,but solve the US energy problem-NOW --then you can concentrate on being Green!

Notice where all your products come from--That would be China with $.10 hour labor--We are literally a bankrupt Country in search of free education--spending more than we earn--and crying for the Government to bail us out.

Disgusting! Enforce the damn LAWS on the books and your criminal employers will go away (JAIL)

King Arnold wants for the US to give him a 5 Billion dollar Bailout. How about cutting off the $177,000,000 California is paying for in-state-tuition for illegal immigrants? Oh yes, did I mention Out-of-state Americans don't receive this benefit. Oh well.

That would be a start. And illegals getting free schooling and hospital costs while illegally taking American Jobs.

BUT, Bottom Line, Americans can't handle the truth---it is not politically correct!

MERRY CHRISTMAS!!!!! From the word HOL-I DAY meaning HOLY!

Go ahead, say it, MERRY CHRISTMAS I won't tell your friends!

For the first time in my life--Not Proud to be an American.

Posted by: passonfirstdown | December 16, 2008 5:20 PM | Report abuse

To protect their profits, I'm not sure OPEC can lower production enough to offset the drop in demand. This economic slowdown is worldwide and it's huge. It's not so much American drivers putting on fewer miles as it is the slowing of all national economies, particularly the Chinese.
Alternative-to-oil fuels are coming, whether because there's no more oil left to burn or because we have a rational alternative energy policy I don't know, but I wouldn't bet on the latter. Now that gas prices have dropped, nobody seems to be talking about alternative fuels much anymore.

Posted by: jrw2 | December 16, 2008 5:49 PM | Report abuse

mrsltc1, why do you want to use your non-renewable oil when you can use someone else's for a price? Don't you want your oil to be left when it is exhausted everywhere else?

Posted by: WhoCares3 | December 16, 2008 8:34 PM | Report abuse

Even though prices at the pump have come down dramaticly, people aren't forgetting $4.50+ fuel prices anytime soon. It was like a sledgehammer between the eyes for consumers. However, let there be no mistake about it, fuel prices will rise again as the economy picks up. So it is up to us to conserve, no matter what the price, high or low.

Posted by: tifoso1 | December 16, 2008 9:28 PM | Report abuse

Passionfirstdown: Hey, you lost the election -- get over it. Save your right-wing BS and take a few economics courses. And by the way, for the first time in eight years I AM proud to be an American.

Posted by: Bardejovbob | December 16, 2008 10:07 PM | Report abuse

Hi(Bardejovbob1) Nice alias

Mr. PE Obama---You and your wife are on the same page. Glad your election made you happy for the first time with the United States of America.

I Am looking forward to seeing you, a man who has never run so much as a sno-ball stand run the USA.

Posted by: passonfirstdown | December 17, 2008 1:53 PM | Report abuse

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