OPEC

[digitaldiscipline]

Which, unless I miss my guess, is an acronym for Oil Producing Economic Cretins.

http://www.ft.com/cms/s/51ec2e78-40da-11db-827f-0000779e2340.html

[blame yokes_1971 for that]

Comments

[the_axel]

Why?
Suppliers should be concerned when prices fall, and cutting back production to increase their profit margins is sensible.

[mighty-man.livejournal.com]

Simple, introductory economics.

[etcet.livejournal.com]

Everybody knows that economics isn't simple. Otherwise, everyone would understand it. :-)

[hellsop.livejournal.com]

Oil prices dropped to $10 a barrel in 1997? Was the oil crap that only made 10 gallons of gas instead of the 30 or so it makes now? (This is a purely pricing figure, not anything remotely related to chemistry.) I certainly don't remember MY gas price taking a huge drop then.

I'll worry about the poor, exploited oil producers when BP reports third consecutive quarter of falling revenues.

[mighty-man.livejournal.com]

Usually the "price" of oil is in reference to the spot price on light sweet crude (the lowest sulphur content and therefore the easiest to refine). The price they might be referring to is "brent crude" which is lesser grade and iirc is only suitable to make certain products like lubricants.

And while gas was cheaper back then, it certainly didn't take a nosedive in the way that it spiked after say Katrina.