OPEC going to cut production.

[EBung]

Stock up folks they dont like $70 a barrel and are going to cut production by 2. 5 million barrels a day to fatten themselves up again. Should be criminal.

 

[DBentley]

When oil was 140 per brl we were paying 4. 99.

Now 70 per brl (I think thats 1/2 of 140)were still paying 3. 60 -3. 75?



Its clear were getting the shaft by oil co. s and now i think the local dealers are taking advantage also ):

Sorry for the rant but i feel better now.

 

[Bob V]

Remember that $70. 00 is for delivery next month, should be going down for a while yet

 

[AMcCormick]

One thought is that it will on average fall due to the shaky economy. I'm curious what the profit marigin is on say $70 dollar a barrall? It is coming close to dropping below $3 here in the SF CA. area. , already 2. 99 in SanDiego. At least it is becoming on par with premium petrol.