LexFather

CNNMoney.com »
BAGHDAD (AP) -- An Iraqi official says Iraq believes that the $100 a barrel is a "fair and acceptable" oil price for both producers and consumers.

Oil Ministry spokesman Assem Jihad says that if crude prices continue to fluctuate, OPEC will cut its production.

Last Monday, Iraq's Oil Minister Hussain al-Shahristani told reporters in London that production of oil at its current levels could not be justified if demand slackened.

Oil for November delivery was trading around $73 per barrel on Thursday - far below a record $147 in July.

Current estimates put Iraq's proven oil reserves at 115 billion barrels. Its daily production stands near 2.4 million barrels a day.

Jewcano

iTrader: (4)

Another reason to drill and produce here. $100 dollars fair? Sounds like they got a little plump from the high prices and are now feeling the same pinch we felt.

Drill here, let them feel a greater pinch.

GFerg

Them boys are going to CUT production significantly when they hold their meeting next week which they just happened to bump up an entire month from its original date in mid November.

Traded under $70 bucks a barrel today, first time since Feb. 2007.

mikez

Those guys are like dinosaurs on how old fashion they think, finally pushed the industry to consume less fuel and be more aware of alternative fuels.... and now they want to drive the point even deeper with another stake into their own hearts.

When are they going to realize that outside their palaces, no one gives a **** about them anymore (well starting to care less).

rominl

iTrader: (4)

how do they define fair? so i guess for those days where prices were above 100 and up to 140, it was so damn unfair?

this official is so stupid

LexFather

My fair? Lets take our troops back home thank you.

SLegacy99

I disagree. All the more reason for more vehicles like the Volt, Prius, Tesla Roadster, etc. If were still using this much oil by the time drilling projects would come to fruition then shame on us.

nthach

Good, I hope they do - so the message about how we can't depend on foreign oil is loud and clear.

Jewcano

iTrader: (4)

A problem many folks seem to forget is, and especially now, and the time it would take to perfect, we aren't all made of money. Some people prefer to drive their petrol driven cars, instead of junking it and dropping 20K+ for an electric or hybrid. Money talks, and its economically stupid to sell your car that gets 22mpg average to buy a hybrid for 20K+ to be making 45mpg average. How many years will it take for you to get a return on that car? Thats even assuming you keep it that long.

Many folks forget about that part. Electric, solar, w/e, it is the future yes, but when we have our own sources of fuel now that we know how to produce, and we know how to refine, why don't we use it? Why would we throw everything into developing alternatives that will just make us reliant on the middle east now, and then kill us later when folks who can't afford to buy a new hybrid or electric car later?

Point being, we have the resources, use them.

nthach

My neighbor sold her 1999 Honda Odyssey so she can get a 2007 Pilot LX-VP 2WD with Honda's version of DoD, but her MPG was marginally better than the Odyssey. Now her kid wants to sell his 2000 Accord for a 8th gen Civic, but the change from midsize to compact makes a bit more sense and he lives in the City.

We're about to commit ourselves to a Prius, but we have a old Nissan Quest with 210K on it that's on its last legs and it only gets 15mpg. We also have a 2005 Sienna and my 1991 LS400 which get decent MPG FWIW - I've been getting 20-21mpg mixed driving since I'm keeping myself 70 or lower, using my brakes less - coasting to a stop when I can and I coast on the hills to use gravity to my advantage. It's no Prius or Civic, but getting 20mpg from a 17 year old V8 is great

dunnojack

fk that

$50 tops.

they're rich enough. They don't even give back to their own communities or countries. look at all the poor towns, while they drive around in their gold plated, $15 million license-plated cars.

nabbun

if we start drilling now, we get the oil a few years down the road. so it won't have an impact oil prices for a while.

Jewcano

iTrader: (4)

Lets see, electricity and alternative fuels are still inefficient, compared respectively to gas. We can drill and refine and reap the rewards much sooner than completely focusing on alternative fuels and being royally screwed in the pooper.

Also don't forget, if the Middle Easterners saw that we would become less dependent on their oils, don't you think they would try to drop their prices to keep us? Alternative fuels are still a good many years away to achieve equal efficiency compared to oil based automobiles. Why, can't we focus on both? Why can't we drill and develop?

SLegacy99

Unfortunately we also have the responsibility to protect our environment as well as ourselves. Global warming aside, drilling the artic would endanger wildlife and pollute the area. Additionally we know that certain forms of cancer are a result of air pollution. The technology is there for clean emissions while reducing the amount of fuel consumed. We owe it to ourselves, our children, as well as the other inhabitants of this planet even if it costs more. Besides, cars cost alot more than they did in the 80s and people still keep buying them.

Additionally, there are certain products that require oil. Plastics, moving machines, etc. What will happen when there is no oil to lubricate or to create such products? We shouldnt waste it on cars.

Personally, I'd a proponent of a law mandating than any vehicle that achieves under a 20 MPG combined fuel economy be required to boost that fuel economy with a hybrid powertrain, even a mild or even a diesel engine. So this would mostly be SUVs. Again, this would be costly, but the savings would add up in the long run.

Jewcano

iTrader: (4)

Dodging the economic factor here. How long do folks usually keep cars they buy new? They buy it with the intention to save gas, but then turn around and sell it 4-5 years later, far sooner than it has payed itself off and deemed you a return.

Please don't bring Global Warming into this , and it has shown, and others here have stated that opening up more lines in ANWR could actually benefit the animals too! People always look at the negatives, what about the positives? Animals like to be warm, so bam, you have pipes that IF properly maintained shouldn't give any problems, and while providing us with more oils, also keep the animals warm who tend to stay close to the warm pipes for warmth.

If you want to get on the subject of polluting the air, why don't we start with banning cigarettes, that would help some . Folks don't produce as much CO2 as we think. Someone on here had a quote in their sig stating that "Krakatoa released more CO2 in 1 eruption than we as humans have done in our existance". I'm sorry but I just don't buy the "we are hurting the environment crap". Granted we can think cleaner, but don't impose it on folks who don't have the funds to just get up and buy a hybrid or w/e.

As for mandating a less than 20mpg = new hybrid drive train idea, who's going to pay for that? Consumers who don't have enough funds to go buy a new car and who live paycheck to paycheck can't just get up and drop 3500 into their car.

Also alot of folks nowadays are living beyond their means getting Heaps of credit cards and buying buying buying. That would explain alot of these new car sales.

I dunno, I think I made a fantastic compromise with 50% research/ 50% drill-refine.