OPEC to hold emergency meeting on oil prices

NEW YORK (AP) -- OPEC will hold an extraordinary meeting Nov. 18 to discuss how the widening global financial crisis is affecting oil prices.

In a statement Thursday, the Organization of The Petroleum Exporting Countries said it's concerned about how the crisis is hampering global economies and world oil markets.

Oil prices have fallen about 40 percent since soaring to a record $147.27 on July 11 as a global financial downturn forces people and businesses everywhere to cut back on energy use.

Analysts have predicted OPEC might use the meeting to announce a production cut in a bid to keep prices from falling further.

Light, sweet crude for November Delivery fell another $1.85 to $87.10 a barrel in midday trading on the New York Mercantile Exchange.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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  • by think about it Location: tn on Oct 13, 2008 at 06:23 PM
    They are trying to make it sound like the oil prices are falling. They arent falling. They are actually STARTING to finally get back down to what is was before they hiked the price up so high. But like I said before, They hiked the prices and everyone paid the higher prices. They found out that people will pay whatever they charge, so why would they want to lower prices? Who should we blame for the high prices? The ones that keep paying them.
  • by Disgusted and Poor Location: Knoxville on Oct 12, 2008 at 07:25 AM
    Why are the pump prices not reflecting the lower costs per barrel? Our gas stations are blatantly keeping the prices high because "they like the money they're making by doing so." OPEC is going to ease production so the costs will stay where they are! That's ridiculous! We're charging the mideast $3 a bushel for corn and exporting millions of tons of corn to them every year! Why not charge them $25 dollars for a bushel of corn? We need to "wake up" America and instead of "giving away" 700 billion dollars to the "greedy" ones in the stock market, give each family a Hybrid or Electric automobile! Nancy Pelosi, Barney Frank and that bunch of Democrats are ruining America! We need some relief, and neither McCain or Obama knows what to do about it! The end is near!
  • by YOYO Location: COSBY on Oct 11, 2008 at 08:26 AM
    Like that they were really helping when gas was nearing 5 bucks a gallon. Let them drink their oil and I will eat our wheat and corn.


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