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OIL prices on the way UP

By John - Last updated: Friday, January 30, 2009 - Save & Share - Leave a Comment

Because OPEC cuts output!
 

Last week the price of a barrel of crude bottomed out at $35.

OPEC was more then a little pissed off and here’s what they did…

They decided they liked the price (when it peaked at $147) so they’re cutting production.

Less supply… price goes up.

They are reducing production by 2.2 million barrels a day.

The story goes, because of so many countries free falling in this recession the demand for oil has decreased and their stuck selling oil cheap. Apparently the $35 a barrel grabbed their attention.

You can see last weeks average price of heating oil here 

Have your say on OPEC turning the spicket down and forcing the price up.

Just click the leave a comment link at the bottom of this post and let’s hear it.

 

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