OPEC Pushing to Cut Production, Drive Up Oil and Gasoline Prices

Just as Americans are finally beginning to reap the benefits of plunging gasoline prices — including more money in their pockets — OPEC is getting ready to squeeze them once again by cutting oil production and driving up prices to refineries.

The 13-nation global oil cartel — which includes Mahmoud Ahmadinejad's Iran and Hugo Chavez's Venezuela — will hold an emergency meeting in Vienna Friday to discuss the steep and rapid decline in oil prices.

"The era of cheap oil is finished," Iran's Oil Minister Gholamhossein Nozari boasted on Tuesday.

When asked what price Iran would want for its oil, Nozari declared, "The more the better."

"A few member nations have voiced their intentions of pushing for a cut in production, including Qatar, Iran, as well as OPEC's president Chekib Khelil, who said that output could be slashed by as much as 2 million barrels a day," analysts for Raymond James & Associates told MarketWatch.com.


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We need to drill now, build refineries, and nuke plants. If this goes into effect the American people will not tolerate any opposition to this. The Repubs should push for a new energy bill that immediately insists on these things and when the libs stall it they should broadcast it loud and clear.