[Drag]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>The oil companies basically decided not to touch it for the obvious reason of not to lower the price of oil. The law of supply and demand, lower the supply to maintain the price, which is exactly what the OPEC voted to do this week.
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Mac, I agree wholeheartedly, however I was under the impression that we have been purchasing Iraqui oli for some time now that was sold under UN supervision during the regime of Saddam Hussein. I believed (and correct me if I'm wrong) that the oil sales were put on by the UN in order to provide food for Iraqui citizens in need of humanitarian aid. Even with the embargo on trade, we could purchase it through the UN.

Also, you did neglect to mention that any time gas goes up in price and stays up over here, Middle Eastern production does tend to step up. This is because domestic oilfields are under more stringent environmental regulations than overseas. The same barrel of oil costs lest from Saudi than it does from West Texas, simply due to lifting costs (what it costs to get the oil out of the ground). We have to spend more to drill in the States and in US waters than any production from Saudi or even the Baltic. The transport costs are minimal when you get right down to it, as the oil cariers also take export cargo on the return trip.

By the way, it was $1.38 9/10th here last night at El cheapo gas and beer station, a.k.a. Race Track

Corvette= "The ability to pass with class"