OPEC To Cut Production

OK People, the cheap gas we have been having will soon come to an end. OPEC is due to meet this month on December 17, 2008 . That means that here on the island everything will again go up in price starting with gasoline and of course electric, as if it were not high enough already!

Well, I knew it couldn’t last. I have been expecting this news for some time now and it has arrived. Murphy’s law is in full swing! With this latest news from Algeria the gas prices will begin their upward climb Again! The only thing left for them to do now is demand Euros for their oil trade and that will be the final nail in the coffin for the U.S. and us
Well, here it is, read it and weep!

OPEC leader says oil production cuts may be severe

By Alfred de Montesquiou, The Associated Press

ALGIERS, Algeria – Oil markets should brace for a surprise decision on output cuts when OPEC meets Dec. 17, the cartel’s president said Saturday, suggesting that reductions could be deeper than expected.

“A consensus has formed for a significant reduction of production levels” by the 14-member Organization of Petroleum Exporting Countries, OPEC President Chakib Khelil told The Associated Press. More…

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