OPEC blows - $50 a barrel is the new "target" price

[robertpaulsen]

Opec raises price target to $50 a barrel
By Kevin Morrison and Javier Blas in Vienna
Published: June 15 2005 18:19 | Last updated: June 15 2005 18:19

The Organisation of the Petroleum Exporting Countries unofficially raised its price target on Wednesday to more than $50 a barrel, citing firm demand growth, refining bottlenecks and lack of economic damage from high oil prices.

Opec ministers agreed to add 500,000 barrels a day to the official quota from July 1 to take it to 28m b/d and in line with real output, and raise quotas by the same amount over the summer if prices increase by at least $2 more above current levels.

Sheikh Ahmad Fahad Al-Sabah, Opec president and Kuwait's oil minister, said the new Opec basket of export crudes would have to remain above $50 a barrel for at least seven days before Opec ministers would start discussing any increase in the quota.

more...

http://news.ft.com/cms/s/1d68034a-ddbf-11d9-a42f-00000e2511c8.html

So screw $40, $50 a barrel is the new normal. Anyone else had enough?

[dogday]

1. As Bush Kisses and Holds Hands With Saudi Royals, We Are

paying out the ass to them. Nice arrangement for them, for us, it sucks.....

[robertpaulsen]

2. I've said jokingly to friends...

we had a choice in 2004. An increase in the price of ketchup or an increase in the price of oil. America chose more expensive oil.

How could 59,054,087 people be so STUPID?