Comments on: Oil Prices Plunge Despite OPEC Cuts

1.5M Barrel-A-Day Cut Is Effort To Stem "Dramatic Collapse" Of Oil Prices

[inventagod2]

Guess consumers are tired of getting raped...

[endofempire]

The brightest minds from countries that have been paying $5 per gallon for twenty years, added to our own MIT and Ivy Leaguers have been working at cracking this nut of alternative fuel. Results? Nothing. Why? Because the entire planet has grown along with the automobile industry. The internal combustion engine won the war against steam and electric over a century ago. Solar cars? Look them up on google or whatever favorite search engine you choose to use. Useless.
Can we build battery-powered cars? Sure... Of course, there is that little thing about the wasted batteries in 7 years. Prius owners: Where will your batteries end up?
In another fifteen of twenty years we might solve the quandary... Until then, drill and build nuclear power plants... The two solutions killed by carter three decades ago.

[nojoy01]

''Still, OPEC officials left no doubt that they were ready to slice deeper quickly if Friday''s decision does not end the price free fall. ''

They are cutting production to ''shore up the price of oil''--but I noticed when we were all paying $4+ per gallon of gas they didn''t raise production to ''cap'' the price of oil. Screw ''em

[wl7bzh]

The market crashes-the result? Housing prices come down, oil prices come down, illegal aliens have less incentive to come in this country, gasoline & oil usage decreases giving the environment a rest, donations to seed faith/prosperity ministers decrease, and price inflation of all merchandise slows and possibly reverses.

And the crash is a bad thing because?-because a nation whose work ethic was once one of delayed gratification, quality work and character is now having a painful lesson about the fruits of greed, dishonesty and selfishness.

Breaks my Irish heart!

[seafang]

Well those who think we will be getting off oil anytime soon need to get their heads examined. Oil/gas/coal are fossil fuels; right ? It has taken Mother Nature about 4.5 BBBillion years to bring that renewable energy from the sun to earth, and store it up in the form of those fossil fuels that we now use.

And you seriously think that the rate of arrival of "Free" energy from the sun, is anywhere near fast enough for us to use it directly as it arrives. The official NOAA/NASA global energy budget says solar energy arrives on earth at an average rate of 168 Watts per square meter 24/7, with maybe another 30 available if you anti-reflection coat everything. At a likely 15% solar cell efficiency, you may get 30 watts per square meter or roughly 3 Watts per square foot. Bio-fuels are much worse, at maybe 3% conversion efficiency, so that is 600 milliWatts per square foot. You can''t even cover that much area with aluminum foil cheaply enough to gather solar energy at a cost that is affordable, and aluminum foil won''t even gather solar energy. Covering it with something that can; like silicon is simply prohibitively costly. And don''t give me any of that economies of scale malarkey. The scale couldn''t be bigger, and the cost isn''t going to go down.

[duffyn]

No one wants to drive or use any kind of machine that spews out pollution that will literally kill you if you breath it. Imagine future generations reading about us. "They drove machines that spewed out poisinous gases" - What were they thinking???? Yep, we''re all saying goodbye to oil. Some faster than others.

[duffyn]

No one wants to drive or use any kind of machine that spews out pollution that will literally kill you if you breath it. Imagine future generations reading about us. "They drove machines that spewed out poisinous gases" - What were they thinking???? Yep, we''re all saying goodbye to oil. Some faster than others.

[swingset4u]

Hey OPEC, Take a look around. Society CAN function without your precious oil. Has anyone else noticed a spike in sales of scooters, small electric cars and hybrids? Well if you have not then you best take a closer look.

[swingset4u]

Just because oil has gone down does not mean we should revert back to the guzzling of gas. Matter of fact if we stick to our "guns" we''ll continue to send a message to the greedy B*A*S*T*A*R*D*S. Maybe they can have an ol'' fashioned Texas-Tea Party and drink the stuff. My friend and I will be adding hydrogen cannisters to our vehicles as our way to combat rising cost of EVERYTHING. Hydrogen, Clean, economical, safe and it''s not OPEC''s oil. Thats the best part!

[runningralph]

The price of oil had been jacked up by futures traders. Due to a decrease in demand the traders had problems getting rid of the oil they had on contract. So they had to dump it at a lower price because they didn''t have a place to store it and they couldn''t take it home with them. So the price drops. In the long run it is not good to have prices because it takes away the monetary incentive to look for alternative energy sources. It will run out. When it does the world has to have another source of energy.