Opec cut's production
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More Turbo
Joined: Jan 2007
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From: Boulder Junction Wi
Post Fiend
Joined: Apr 2004
Posts: 6,473
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From: Lafayette, IN
That has nothing to do with debunking supply and demand. Sure, it's underhanded manipulation of the supply, but that's how it works. OPEC limiting production changes the supply curve. The interesting thing to note is that when the price goes up, OPEC nations tend to cheat on their production quotas, producing more than they are "supposed to produce".
Here's a good write-up on the subject (in general terms, not related to oil):
Supply and demand - Wikipedia, the free encyclopedia
Jason
Here's a good write-up on the subject (in general terms, not related to oil):
Supply and demand - Wikipedia, the free encyclopedia
Jason
Posting Guru
Joined: Dec 2003
Posts: 1,157
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From: Wichita, KS
OPEC isn't much different than GMC and Ford. Demand goes down, the price goes down somewhat, but then so does production. They can't keep building all the cars they can, and cutting the price so that they all sell, sooner or later they have to build fewer cars. OPEC is the same, plus, unlike Ford and GMC, they don't live here, and they don't care whether we like them or not. If demand falls a certain amount, they'll cut back production to keep the price up. It's pretty basic economics.
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Cargo Master
Joined: Jan 2004
Posts: 2,512
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From: Cook Forest and Irwin PA
They did this just after the experts said it would not happen. with that in mind, we need the experts to say 'there is no ways opec will triple production and decide to sell for $5 a bbl' and lets see what happens!
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Lead Driver
Joined: Jul 2004
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From: in the woods of MA
The way to give OPEC the final kick in the nuts is to greatly reduce our dependence on oil with new technology. Not only could we then be our own bosses again, but if we really want to neuter OPEC we commit to selling our energy/technology cheaper than oil. i.e. we can then play the supply/demand game ourselves, from a more powerful position...
Postmaster
Joined: Sep 2006
Posts: 4,982
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From: Clearwater, Fl
f-em.......the big 2 isnt going to bail us out either, with weaning off of oil. not one car company will steer clear of it until MAN decides to stop driving combustable engines. oil makes economys thrive,and oil can bring an economy to its knees. if were going to tap oil until the end, that natural commodity should be produced by every nation and deliverd world wide with equal value. wtf is the diference if were going to tap all of it anyways? at least not create wars and cripple economys over it. no man should claim stake to anything that has to deal with a natural commodity
Lead Driver
Joined: Jul 2004
Posts: 5,947
Likes: 63
From: in the woods of MA
f-em.......the big 2 isnt going to bail us out either, with weaning off of oil. not one car company will steer clear of it until MAN decides to stop driving combustable engines. oil makes economys thrive,and oil can bring an economy to its knees. if were going to tap oil until the end, that natural commodity should be produced by every nation and deliverd world wide with equal value. wtf is the diference if were going to tap all of it anyways? at least not create wars and cripple economys over it. no man should claim stake to anything that has to deal with a natural commodity
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