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OPEC
seeks to reduce output to boost prices
March
15, 2009
THE
ASSOCIATED PRESS
VIENNA - OPEC ministers called yesterday for an end to overproduction
by . some members as they sought to slice nearly a million barrels
per day from world supply and boost prices - but without further
shocking the anemic global economy.
Their
comments suggested that today's oil ministers' meeting of the
Organization of the Petroleum Exporting Countries might opt for
a call on all members to honor production quotas, instead of deciding
to slash out- put outright.
Most
members of the 12-nation organization had been clear in favoring
reduced output in the days preceding Sunday's full meeting.
Still
they had left open whether they want to lower output quotas -
or if they favor a solution less likely to hurt the global economy
by simply seeking to end overproduction by some nations above
levels allotted to them.
Algerian
energy and mines minister Chakib Khelil.called for both. "Comply
and cut," he said when asked what he preferred.
'OPEC
cuts agreed on since September were meant to take a daily 4.2
million barrels off the market. But the II members under production
quotas are still overshooting their joint daily target level of
just under 25 million barrels by about 800,000 barrels.
OPEC
regularly overproduces. But even if the group cannot fully meet
its target, more quota discipline would lead to reduced world
supply at a time of depressed demand, even if OPEC succeeds in
taking no more than a few hundred thousand barrels more off the
market. That could be enough to raise prices moderately, without
sending shock waves- through shaky world economies.
Prices
have rallied from below-$35 a barrel last month, with a.
barrel of benchmark crude fetching over $46 on the New
York Mercantile Exchange Friday.
Americans
still wary of possibility of rising gas prices
February
3, 2009
According
to an article published in Washington D.C. (Reuters) on Tuesday
February 3, 2009 by Tom Doggett, American drivers are looking
to become fuel efficient even though fuel prices are at a five
year low.
The
plummeting gas prices last season have not removed the concern
of consumers at the gas station that prices won't again skyrocket
and also U.S. foreign oil dependency.
According
to Mark Cooper, Research Director for the Consumer Federation
of America - most American drivers list fuel economy as important
in future vehicle purchases, he stated "The
persistence of great concern about gas prices and dependence on
oil imports shows a strong base of public support for significant
improvements in motor vehicle fuel economy."
The
consumer group polled adult Americans, the results ascertained
that 76% were concerned with gasoline prices and the same amount
with the U.S.'s dependence on the Middle East crude oil supply.
The
article continued saying that those surveyed want fuel efficiency
because they feel prices will rise again and they would like buy
their next car that could get at least 30 miles per gallon, also
that consumers would be quite
disappointed when they go shopping for fuel-efficient cars because
hardly any do so!
The Reuters article quoted Consumer
Federation of America's car expert Jack Gillis "At
least to date, Americans view low gas prices as an aberration
and they are expecting higher gas prices in the future, they are
adjusting their driving habits as well as planning to purchase
more fuel efficient vehicles."
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