Iran: OPEC powerless to lower oil price

Crude production is already far outpacing demand, OPEC governor says. "No reason" to pump more.

TEHRAN (Reuters) - OPEC can do nothing to douse scorching oil prices when markets are already oversupplied by 2.8 million barrels per day (bpd) of crude, Iran's OPEC governor said on Saturday, warning that prices could fall sharply.
...
"It seems that prices will continue to go up without taking into consideration the basic elements of the market, supply and demand," Kazempour said. "The current trend of prices stems from political and military developments."

He reiterated that oil prices could still crash if security fears subsided.

"If a calm political and military situation prevails in the market, the amount added to crude reserves will pressure the price," he said.

http://money.cnn.com/2004/08/14/news/international/iran_opec.reut/index.htm?cnn=yes

A last gift before the change of leadership?

They are robbing us blind and they made it legal.

Prices could fall suddenly, says Iran. How long is the American attention span? If we pay through the nose during the travel season, will the corps be happy with crashing prices in Oct?

Because they'll still be paying the summer's credit card bills.

the oil companies can be assured of a continued windfall.

And then come back for the nails.

I believe the Republicans are preparing to lose, but they'll have the shirts off our backs as they head for the door.

... at inflated prices and refineries are finding it convenient to shut down for maintenace. Just what motivation is there for the people (private corporations) who control the market to lower prices? Unless there's an opportunity for other suppliers to enter a market, the notion of supply/demand driving prices is a total fable.

But so many little Republican children heard the story over and over, they believe it more than Santa Claus.

I mean the petroleum market.

If we can just survive 3 more months, then a change in our government will help with the reduction in oil prices by showing that conservation and clean energy can help stabilize the economy from the grip of b*shoil.

Anyway you save energy you save money and you slow the increase in energy costs.

JetCityLiberal