Why does OPEC want to reduce petroleum output although the gasoline price is still high?

OPEC(Organization of Petroleum Exporting Countries) export most of our gasoline in our nation. Although the crude oil price is still around U.00,they’re planning to cut output to prevent further drop of gasoline prices.Is this act selfish or what?

13 Responses to “Why does OPEC want to reduce petroleum output although the gasoline price is still high?”

  1. rob b Says:

    Well if you sell a product for $70 plus dollars for a certain time and then the price goes down, you begin to realize you aren’t making the same amount of money. Basic supply and demand. Since demand has apparently decreased they need to reduce the supply.

  2. anthonyinkc Says:

    Obviously, they want to make more money.

    Money is the root of all evil.

  3. yupchagee Says:

    Perhaps they would like to see a price spike before our elections?

  4. lancelot682005 Says:

    This is their way of foreign Policy Controls.

    WE ARE BEING CONTROLLED BY THEM!

    We need to stop letting Democrats and the likes control what we can and can not drill. We MUST restart drilling our OWN oil and then look for other sources of renewable energy!

  5. Logical Democrat Says:

    G
    R
    E
    E
    D!!

  6. jjayflash9 Says:

    because they can, its all about power

  7. mingojun Says:

    to jack up the price further

  8. Answerman Says:

    They do not think it is high enough, after the election you can count on paying $3 a gallon at the pump. Oil man as president is the answer.

  9. bc Says:

    I thought the evil Bush controlled all the oil in the world and also OPEC.

  10. notme Says:

    It will take a little time for this to happen. Prices will start their way back up after the election. You make the connection.

  11. IamwhoIam Says:

    let’s wait until after the election….we may be surprised what happens then; or will we? While Republicans fought hard to distance Bush from this summer’s horrendous hikes in gas, the are certainly using this as an election ‘gold star’ under his presidency…..hmmmm! Oil experts and others said that Bush does not control and can not do anything to lower gas prices, so why are they now indirectly giving him credit for lower gas prices?. My personal view is that the oil companies are very closely tied to this election and I would not be surprised at what deals are made behind closed doors. Weird politics I say….I may be wrong, who knows?………………..NOT!

  12. UNCLE FESTER Says:

    Because they have never been short or out of oil. Hugo Chavez is putting pressure on them with his prices and that is why the Neocons hate him.

  13. Tim P Says:

    Money