America might get most of its oil from Canada, but the moves that OPEC makes still reverberate here. Thus, a statement by the
Kuwaiti Oil Minister Sheikh Ahmed al-Abdullah al-Sabah to reporters yesterday probably won't help decrease domestic gasoline prices any time soon. OPEC's al-Sabah said that the organization will not consider increasing production until the price of a barrel of oil reaches $100.

Currently, the price is around $70 a barrel – up almost 60% this year – but way, way down compared to the highs of 2008. Oh, and when the $100 price per barrel threshold is reached, only then will OPEC "maybe" consider putting more supply into the market. The organization sees the recent rise in prices as the result of investors looking for good places to put their money, not because demand for the product is rising. Over the middle-to-long term, many expect forecasters expect prices to easily surpass $100 a barrel once again.

[Source: Bloomberg | Image: David McNew/Getty]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • 2015 Toyota Highlander
    MSRP: $29,765 - $44,140
    2015 Jeep Grand Cherokee
    MSRP: $29,995 - $64,895
    2015 Honda Accord
    MSRP: $22,105 - $33,630
    2015 Honda Civic
    MSRP: $18,290 - $26,740
    2015 Mazda Mazda3
    MSRP: $16,945 - $25,545
    Share This Photo X