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OPEC president sees $200 oil possible: report
Monday, April 28, 2008
Yahoo! Finance -- ALGIERS (Reuters) - OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday.

"Questioned about a possible rise which would go to $200, the minister did not rule out this eventuality, explaining that this rise is from now on indexed to the fall in the dollar or to the rise in the dollar," El Moudhajid reported.

"In terms of fundamentals, stocks are high, demand is easing, supply is satisfactory. Therefore normally, without geo-political problems and the fall of the dollar, the prices of oil would not be at this level," he was quoted as saying.


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JT
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Message Posted: 4/28/2008 10:12:24 AM  Ignore JT Report Abuse
Monday, April 28, 2008
Yahoo! Finance -- ALGIERS (Reuters) - OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday.

"Questioned about a possible rise which would go to $200, the minister did not rule out this eventuality, explaining that this rise is from now on indexed to the fall in the dollar or to the rise in the dollar," El Moudhajid reported.

"In terms of fundamentals, stocks are high, demand is easing, supply is satisfactory. Therefore normally, without geo-political problems and the fall of the dollar, the prices of oil would not be at this level," he was quoted as saying.

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REPLIES (newest first)
defiancegasman
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Ohio

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Message Posted: 11/8/2008 4:55:29 PM  Ignore defiancegasman Report Abuse
Closer to $50 than $200 now.
beyondgreen
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Gasbuddy

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Message Posted: 11/8/2008 1:10:36 PM  Ignore beyondgreen Report Abuse
I don't think we are taking the right approach to fixing our economy. Energy Independence needs to be included in the realm of our serious economic issues. Our dependence on foreign oil impacts every aspect of our society and economy. This past year our wallets were emptied by high prices at the pump. The cost of food and every consumer product has risen because of increased production and shipping costs. The average family had no money left over to spend, save or invest. So we tighten our belts, we spend less because we have less and sadly that results in more job losses. We have so much available in the way of FREE energy, solar and wind that can be utilized to replace oil. Hybrid and electric plug in cars would replace another huge percentage of our dependence on foreign oil. We spent 168 BILLION on a stimulus pkg that did nothing for our economy. Now there is talk of another stimulus pkg. Why not invest in initiating alternative energy sources and making hybrid and plug in car technology affordable for the average Joe. It cost the equivalent of 60 cents a gal of gas to drive an elec car. Investing in renewable sources of energy would create millions of badly needed jobs. It is a win-win situation. We have the knowledge and the technology, what we seem to lack as a nation is a PLAN. Jeff Wilson has a great new book out called The Manhattan Project of 2009 Energy Independence NOW. I highly recommend this book to anyone who is worried about our economy and interested in seeing our country become energy independent!


jmuse
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Long Island

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Message Posted: 7/27/2008 10:40:35 AM  Ignore jmuse Report Abuse
There's a big difference between "OPEC president sees $200 oil possible" and he would not rule out $200 oil.
magnumCA
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Los Angeles

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Message Posted: 7/26/2008 4:01:12 PM  Ignore magnumCA Report Abuse
Time to dismantle opec
STEVE853
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Florida

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Message Posted: 7/26/2008 2:23:50 PM  Ignore STEVE853 Report Abuse
Time to drill for oil In the gulf of mexico.
gohiking
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Los Angeles

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Message Posted: 7/26/2008 12:32:08 PM  Ignore gohiking Report Abuse
lovely
POLELANE
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Ohio

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Message Posted: 4/30/2008 5:50:52 AM  Ignore POLELANE Report Abuse
used to think anything is possible
defiancegasman
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Ohio

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Message Posted: 4/30/2008 12:45:05 AM  Ignore defiancegasman Report Abuse
Just remember, Bush vetoed the bill calling for the stopping of $18 Billion in free tax money for the oil companies. He didn't think investing it into other energy research was a good idea.
RC_RACER
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Tacoma

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Message Posted: 4/29/2008 12:50:56 PM  Ignore RC_RACER Report Abuse
yep, its only going up stop using or use something else
1fuelish1
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Charlotte

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Message Posted: 4/29/2008 11:04:46 AM  Ignore 1fuelish1 Report Abuse
HAMPILOT1 hit in on the head. The speculation into energy and food futures needs to be stopped NOW. We're hurting at the pump, but people in Haiti and other countries feel it in their stomachs. The financial folks are fiddling while the rest of the world is catching fire.
KrazyDawg
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California

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Message Posted: 4/29/2008 10:41:05 AM  Ignore KrazyDawg Report Abuse
Just another reason to support alternative fuel. With all the dollars spent on higher gas prices, imagine how much can actually be invested into renewable energy. Than again it seems like we're followers, not innovators.

[Edited by: KrazyDawg at 4/29/2008 11:41:50 AM EST]
POLELANE
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Ohio

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Message Posted: 4/29/2008 10:28:20 AM  Ignore POLELANE Report Abuse
seems he'd be quite in favor of it
1shot
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Dallas

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Message Posted: 4/29/2008 10:24:12 AM  Ignore 1shot Report Abuse
HAMPILOT1 hit it right on the spot, I hope their greed makes them stay in it when the bottom drops and they loose their shorts!!
ramshot412
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Riverside

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Message Posted: 4/29/2008 10:08:04 AM  Ignore ramshot412 Report Abuse
"We need start drilling now so we can survive!"

Why??? The cost per barrel won't go down until supply goes up. Even if US put a million more barrels of oil on the market OPEC could keep the price up by cutting back on what they pump....
kruk
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London

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Message Posted: 4/29/2008 10:00:47 AM  Ignore kruk Report Abuse
Maybe just some influential bustard asked them to keep raising - who knows?
eaglev
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Oklahoma City

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Message Posted: 4/29/2008 9:59:20 AM  Ignore eaglev Report Abuse
We need start drilling now so we can survive!
nyacoub1
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Chicago

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Message Posted: 4/29/2008 9:58:24 AM  Ignore nyacoub1 Report Abuse
duhh....
eaglev
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Oklahoma City

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Message Posted: 4/29/2008 9:55:02 AM  Ignore eaglev Report Abuse
And they said they would keep it below $80 just last year. They like the extra money.
EarlyMoose
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Seattle

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Message Posted: 4/29/2008 9:52:00 AM  Ignore EarlyMoose Report Abuse
sure.
Duke1959
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Dallas

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Message Posted: 4/29/2008 9:50:54 AM  Ignore Duke1959 Report Abuse
oh well
HAMPILOT1
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Houston

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Message Posted: 4/29/2008 9:49:18 AM  Ignore HAMPILOT1 Report Abuse
From all of the information I can access I come to the conclusion that the rise in crude price per barrel is driven by hedge fund managers using the crude futures market to make money for themselves at the expense of us in the driving public. This has to end, using a futures market to speculate on the price and driving it up drastically, is detrimental to the security of the country,it has to be stopped immediately.
w4kh
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Riverside

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Message Posted: 4/29/2008 9:49:04 AM  Ignore w4kh Report Abuse
Even OPEC says: "does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide"

The dollar is weak and getting WORSE, because "W" and DickieBoy have spent more than THREE QUARTERS OF A TRILLION DOLLARS in Iraq, along with more than 4,000 American lives, and countless maimed and wounded, and refuse to admit that this has had a profound impact on the US economy...
FuelGrinch
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Kansas

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Message Posted: 4/29/2008 9:46:26 AM  Ignore FuelGrinch Report Abuse
Sure... what the heck, Why not go for $400 a barrel. Oh why not $1,000,000
bunch of greedy @#*& &*^$# ^&(#@!
ShootatWil22
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Kentucky

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Message Posted: 4/29/2008 9:45:52 AM  Ignore ShootatWil22 Report Abuse
If the price goes up to $200 a barrel, I'd probably make gas...somehow.
txholeyrocks
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Austin

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Message Posted: 4/29/2008 9:45:36 AM  Ignore txholeyrocks Report Abuse
You will see a lot of people walking, riding busses, cycling and car pooling. Also our economy will go to pot as we can't afford to pay people to stay on top of our bills. Truckers won't truck any more......
amearly
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Michigan

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Message Posted: 4/29/2008 9:45:02 AM  Ignore amearly Report Abuse
Again time to get ready for the next great depression.
NissanGirl
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Oregon

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Message Posted: 4/29/2008 9:44:11 AM  Ignore NissanGirl Report Abuse
Like OPEC needs $200/bbl. They are swimming in money as it is now!
JimL1
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Phoenix

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Message Posted: 4/29/2008 9:39:35 AM  Ignore JimL1 Report Abuse
If the Securities and Exchange commission would raise the percentage required to purchase futures contracts to 25%, it would cut back on the speculation. All they have to do now to control the price is put up 5% of the cost of the contract.
mahenv7
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Toronto

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Message Posted: 4/29/2008 9:38:57 AM  Ignore mahenv7 Report Abuse
why stop there
Hawkeyema
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Massachusetts

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Message Posted: 4/29/2008 9:38:52 AM  Ignore Hawkeyema Report Abuse
Based on the fact that everyone is in "doomsday mode." As the world economy goes into a recession, the demand for oil is going to drop dramatically which will increase supply around the world. The dollar is also going to firm once our economy rebounds which might take a year or so.

Let's not freak out everyone. There's still tons of oil and the supply will soon catch up with demand. OPEC will eventually increase output as well
SJS
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Los Angeles

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Message Posted: 4/29/2008 9:38:34 AM  Ignore SJS Report Abuse
could happen
lowiowagas
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Iowa

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Message Posted: 4/29/2008 9:36:26 AM  Ignore lowiowagas Report Abuse
buckeyeman, you are right.. There is no real shortage of oil, but OPEC & Big Oil is charging considerably more than they should be..

This is having a rippling negative effect on our economy & bringing with it 'out of control' inflation (oil, fuel, transportation, food, etc...)
Chazzer
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Nevada

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Message Posted: 4/29/2008 9:35:32 AM  Ignore Chazzer Report Abuse
There OPEC goes again ... testing the ceiling!
lowiowagas
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Iowa

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Message Posted: 4/29/2008 9:32:40 AM  Ignore lowiowagas Report Abuse
Price was high at $70 a barrel, and now this article PROVES that OPEC is out to destroy our economy.. Greed, by a 285% increase in crude

We need to put a stop to this, one way or another.. TODAY
Dennis783
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Wisconsin

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Message Posted: 4/29/2008 9:32:22 AM  Ignore Dennis783 Report Abuse
They wish!
buckeyeman
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Columbus

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Message Posted: 4/29/2008 9:32:13 AM  Ignore buckeyeman Report Abuse
__________________________________________________________________________
CoronaKid
Based on the fact that everyone is in "doomsday mode." As the world economy goes into a recession, the demand for oil is going to drop dramatically which will increase supply around the world. The dollar is also going to firm once our economy rebounds which might take a year or so.

Let's not freak out everyone. There's still tons of oil and the supply will soon catch up with demand. OPEC will eventually increase output as well.
__________________________________________________________________________

Corona Kid is accurate on the pessimistic attitude the world seems to have regarding the position of wealth. I disagree however that the world economy is in a recession. European Nations, China, India, Russia, and somewhat Japan to name a few are seeing more than average economic growth. The United States however is in a terrible recession and Warren Buffett is right on the money versus "so called" government economic advisors who have truly pulled the wool over their eyes.

Supply is no where near critical and that is where OPEC is not misleading the world. The "freak mode" is beyond necessary and a correction will be established regarding pricing thus I am in agreement again with with CoronaKid. Unfortunately I heavily disagree Supply versus Demand will be the correction and OPEC will increase production. I see another "Oil Embargo" approaching before such actions are considered. When other countries force heavy tariffs on good and services to the OPEC Nations where their demand above and beyond exceeds their ability to produce the goods and services and eats at the economics of those nations will a consideration of the price of oil be considered to assist those nations being economically distressed by their reliance of oil.
JPGKC
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Tampa

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Message Posted: 4/29/2008 9:31:40 AM  Ignore JPGKC Report Abuse
As long as the dollar continues to gain ground, then this will not happen.
southjerseyal
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New Jersey

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Message Posted: 4/29/2008 9:29:29 AM  Ignore southjerseyal Report Abuse
Why not just jump to $500.00 and really screw up things in this world!!!
The_WB
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Detroit

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Message Posted: 4/29/2008 9:26:17 AM  Ignore The_WB Report Abuse
One OPEC member will dump on the market if the prices continue upward - self-greed!
bowler48226
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Detroit

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Message Posted: 4/29/2008 9:25:17 AM  Ignore bowler48226 Report Abuse
We thought oil was high at $70 a barrel. Now look.
bug27
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Kentucky

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Message Posted: 4/29/2008 9:22:00 AM  Ignore bug27 Report Abuse
OPEC Greed!
vick441
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Indiana

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Message Posted: 4/29/2008 9:21:28 AM  Ignore vick441 Report Abuse
I don't doubt it.
rich148
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Grand Rapids

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Message Posted: 4/29/2008 9:20:17 AM  Ignore rich148 Report Abuse
Good luck sucker!
Lonewolftx
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Houston

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Message Posted: 4/29/2008 9:19:59 AM  Ignore Lonewolftx Report Abuse
When the dollar strengthens then they will feel the supply is to not adequate . . .
cbpilot
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Riverside

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Message Posted: 4/29/2008 9:16:27 AM  Ignore cbpilot Report Abuse
Let's see...we put a man on the Moon 39 years ago, and we still can't figure out how to get everyone 80 mpg? Come on...who are we kidding?
bowler48226
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Detroit

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Message Posted: 4/29/2008 9:16:16 AM  Ignore bowler48226 Report Abuse
$200 oil would mean $7 per gallon gas?
DST43
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Oklahoma

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Message Posted: 4/29/2008 9:16:06 AM  Ignore DST43 Report Abuse
OPEC President sees himself getting richer
Jahrahnimo
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Georgia

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Message Posted: 4/29/2008 9:15:34 AM  Ignore Jahrahnimo Report Abuse
I doubt it....
EnderNY
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Dallas

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Message Posted: 4/29/2008 9:15:29 AM  Ignore EnderNY Report Abuse
Radicale,
Well, I would not mind a small harem!!!

LOL, just kidding, haters, just kidding, I do not want, nor desire, nor afford, a harem
flatcoatfun
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Orlando

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Message Posted: 4/29/2008 9:12:33 AM  Ignore flatcoatfun Report Abuse
And he is excitedly planning on what he is going to do with all the extra money he will make.......
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