Gas Prices??

[wildsv211]

Check out Gasbuddy.com It shows recent prices for gas accross the state and country .

[j2nh]

They can't afford to cut production for two reasons. First because they need the income to keep their populations content

Your statement makes no sense. This is simple suppy and demand economics. OPEC can absolutely afford to cut production. When OPEC cuts production, supply goes down, demand remains the same, and the price per barrel of oil goes up.

BKH

It wouldn't make sense if OPEC was one country but it is not. An OPEC cut depends on each of the member countries making there respective cuts. 1.5 million barrels was supposed to be the cut 3 weeks ago but it was probably closer to half of that due to "cheating". It's why they didn't make a further cut when they met last week.

[gride300]

theere is going to be another oil cartel meeting to cut production.

[TravisFling]

I'll clear this up for you... What you're missing is that when they cut production, it cuts supply which evens it out with demand and raises price. You are correct, but when you cut supply you're getting more per barrel, but selling less barrels, so you have less money in the end, which causes people to cheat, by keeping production the same and enjoying the higher price per barrel, while you're cartel buddy suffers with lower income from decreased production. they're all a bunch of A$$ hats anyway. They shouldn't have gotten so greedy, now they've shot themselves in the foot and woken up the beast. Hybrids are in mass pruduction and SUV's aren't "cool" anymore. it's pretty funny how steep the price elasticity of demand for oil and gas is, but the long run effects are severe to the producers... maybe they should have read an econ book, or two with their free time and massive incomes, eh?