OPEC+ makes big oil cut to boost prices; pump costs may rise

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    • #495020
      Ohio Barbarian
      Moderator
      • Total Posts: 25,044

      FRANKFURT, Germany (AP) — The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.

      Energy ministers meeting at the Vienna headquarters of the OPEC oil cartel cut production by 2 million barrels per day starting in November at their first face-to-face meeting since the start of the COVID-19 pandemic.

      Besides a token trim in oil production last month, the major cut is an abrupt turnaround from months of restoring deep cuts made during the depths of the pandemic and could help alliance member Russia weather a looming European ban on oil imports.

      In a statement, OPEC+ said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.”

      Full story here

      Never let your morals stop you from doing the right thing.--Isaac Asimov

      The United States is also a one-party state but, with typical American extravagance, they have two of them.--Julius Nyerere

    • #495022
      djean111
      Participant
      • Total Posts: 8,808

      In other news, Austria seems to be preparing to keep gas meant for Italy, Hungary is pissing off the EU by signing contracts with Russia and doing pretty well, and Germany may have to transition from an industrialized nation to a service based Poland has demanded about $1.4 trillion in WWII reparations from Germany, after having, earlier this year, demanded a cut of oil profits from Scandinavia.  Also Russia is being denied access to inspect its own sabotaged gas lines.

      Remember The Merry Minuet? – it is about 60 years old, and every word is true, IMO -so true it is weird.

      America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

      "Sometimes when I try to understand a person's motives, I play a little game. I assume the worst. What's the worst reason they could possibly have for saying what they say and doing what they do? Then I ask myself, 'How well does that reason explain what they say and what they do?'" GRRM

      A YouTube comment – we need new conspiracy theories – the old ones have all come true.

    • #495052
      ThouArtThat
      Participant
      • Total Posts: 4,606

      Hi OB,

      Yep – just the 1% trolling the proles for profit.  Same as it ever was.

      ThouArtThat

      “Those who make peaceful revolution impossible will make violent revolution inevitable."
      - John F. Kennedy

      "The further a society drifts from the truth the more it will hate those who speak it."
      - George Orwell

      "It is no measure of health to be well adjusted to a profoundly sick society."
      - Jiddu Krishnamurti

      "Sometimes a pessimist is only an optimist with extra information."
      - Idries Shah

      "A riot is the language of the unheard."
      - Martin Luther King

      • #495100
        Mr. Mickeys Mom
        Moderator
        • Total Posts: 8,172

        Good to see you here, too.

        Hell, no... I'm not giving up...

        • #495105
          ThouArtThat
          Participant
          • Total Posts: 4,606

          Hi MMM,

          Good to see you as well.

          I hope JPR is returning to good health and we can get back to normal operations soon.

          All the best,

          TAT

          “Those who make peaceful revolution impossible will make violent revolution inevitable."
          - John F. Kennedy

          "The further a society drifts from the truth the more it will hate those who speak it."
          - George Orwell

          "It is no measure of health to be well adjusted to a profoundly sick society."
          - Jiddu Krishnamurti

          "Sometimes a pessimist is only an optimist with extra information."
          - Idries Shah

          "A riot is the language of the unheard."
          - Martin Luther King

    • #495098
      Mr. Mickeys Mom
      Moderator
      • Total Posts: 8,172

      I was predicted $10 bucks a gallon by the end of 2022.  The other prediction by my SO is sure to follow…. “They’ll be dying in the streets”.

      Hell, no... I'm not giving up...

    • #495099
      Mr. Mickeys Mom
      Moderator
      • Total Posts: 8,172

      I was predicted $10 bucks a gallon by the end of 2022.  The other prediction by my SO is sure to follow…. “They’ll be dying in the streets”.

      Hell, no... I'm not giving up...

    • #495110
      Babel 17
      Participant
      • Total Posts: 6,822

      The MIC and the energy companies are giggling as their wealth and power increase at the expense of the world’s 99%, and after all is said and done and people are rioting for accountability, all trails will inexorably be tied to Joe Biden.

      He’ll be worse than Reagan was after 1988, when he had to testify under oath about Iran-Contra, and while gently asked soft ball questions was perceived as being mostly honest when claiming to not remember, or when he seemed confused.

      By 2025 it would take perseverance just to make sure Biden understood who you were talking about, and then by the time you got to the what when where why and how, he’d have forgotten the who.

      And until you get a new Attorney General in, there will be no real accountability, on a major scale.

      Don't Kill the Whale
      Don't feed the trolls

    • #495111
      djean111
      Participant
      • Total Posts: 8,808

      Let the festivities begin.  Germany needs that gas.  But if Germany gets that gas, then the US won’t be selling gas to the EU at high prices.  The US really does expect the entire fucking world to assume the position for the US’ interests.

      America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

      "Sometimes when I try to understand a person's motives, I play a little game. I assume the worst. What's the worst reason they could possibly have for saying what they say and doing what they do? Then I ask myself, 'How well does that reason explain what they say and what they do?'" GRRM

      A YouTube comment – we need new conspiracy theories – the old ones have all come true.

      • #495122
        Mr. Mickeys Mom
        Moderator
        • Total Posts: 8,172

        Strap on your knee pads, Mr & Mrs America.

        Hell, no... I'm not giving up...

        • #495141
          Utopian Leftist
          Participant
          • Total Posts: 1,199

          This video is subversive and prophetic. So naturally it got ignored in Murdakkkastan.

           

          “It is no measure of health to be well adjusted to a profoundly sick society.” ~ Krishnamurti
          "Given the choice between a Republican and a Democrat who acts like a Republican, the voter will choose a Republican every time." ~ Harry Truman

          • #495155
            Mr. Mickeys Mom
            Moderator
            • Total Posts: 8,172

            @utopianleftist

            I believe it was my loss for not seeing what they put out beyond some early MTV days!

            Hell, no... I'm not giving up...

            • #495161
              Utopian Leftist
              Participant
              • Total Posts: 1,199

              I don’t want to hijack this thread but the Eurythmics put out one more brilliant, subversive song after this (that I know of). Look for Peace Is Just A Word.

              “It is no measure of health to be well adjusted to a profoundly sick society.” ~ Krishnamurti
              "Given the choice between a Republican and a Democrat who acts like a Republican, the voter will choose a Republican every time." ~ Harry Truman

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