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The price of a barrel of crude oil was up $.71 at $60.47 in early morning trading thanks to continued fears that OPEC would decide to reduce output, as well as fears of increased geopolitical tension due to reports North Korea had successfully tested a nuclear weapon.
There are several reports circulating that OPEC will meet today to decide whether or not to reduce oil output by 4% to help end the nearly 25% drop in oil prices since mid-July. Venezuela and Nigeria have already implemented decreases in oil output, but now it appears that the nine other members of OPEC are ready to follow.
While it appears that OPEC’s possible production cut is the primary reason for oil’s price increase, the report that North Korea has successfully tested a nuclear weapon has also played a role in the price increase. While North Korea is neither a large consumer nor exporter of oil, the possibility they may have tested a nuclear weapon will only add to geopolitical tensions – the main reason behind this summer’s dramatic spike in prices.
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great p[ost!.. well done
I know they can build engines that will run on the fumes of gasoline. All they have to do is pressurize the gasoline. You could get 100 miles to the gallon in doing so. But the oil industry is won’t let it happen, the government won’t let it happen, safety issues will let not let it happen. So the general public doesn’t know it could happen. I would like to know why it couldn’t happen. New issue
hydrogen engines what seems to be the delay? My opinion oil companies won’t make any money so it won’t happen. If the government cares about the people. It wants to do something to help the whole world. It should run the oil companies instead of the oil companies running the government.