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B4 The Bell Frieday September 24


Hiding Bear

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crude at $48.85

 

that didn't work!

Report: OPEC has lost control over oil prices

 

A report by the Center for Global Energy Studies asserted that the price of crude oil was no longer under OPEC control. The report said OPEC, with spare production capacity of 1.5 million barrels per day, does not have sufficient capacity to significantly reduce oil prices, which have exceeded $47 a barrel.

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I wonder if this has anything to do with higher oil prices?

 

From a story about the first ever Chinese Formula 1 race this weekend.

 

" While praise for Shanghai's new modern Grand Prix circuit and the glitzy downtown areas of the eastern metropolis is gushing, the bumper to bumper traffic jams are irking some... Ralf Schumacher agreed that the traffic was a drawback. "It's a very nice city, there's a lot of building going on and it's supremely clean and the food's good," he said. "The traffic though is a mess...China has seen massive growth in car ownership over the past few years and is now the third largest auto maker in the world."

 

No chance all those new cars in China will increase world wide demand for oil.

 

At least that's the mind meld at the Federal Reserve thinks.

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