There is an acute ordsprog

There is an acute shortage of product (from refineries) and this is drifting back into the futures market, ... But OPEC is passing the buck for high oil prices, it doesn't want to be held responsible for a possible worldwide recession.

We're not expecting a cut out of OPEC because of the high prices. OPEC would be sending the wrong signal to the market.

The cold snap [which seized the country last week] sent prices for diesel fuel rocketing, as there was an acute shortage and, accordingly, a high demand for it.

Alexei Nebolsin

Every producer around the world is producing the marginal barrel to take advantage of high prices. Right now, OPEC is not holding back. But OPEC wants to have its cake and eat it, too.

The shortage is in gasoline, so you would need to add huge amounts of crude oil to have even a minor impact on prices. This is a time when the shortage has nothing to do with crude oil, and OPEC cannot fix it.

I think if the rest of the hurricane season doesn't cause disruptions, and global supplies stay as they are, we should see prices pulling back into in the low to mid-$50's, without a recession. We could be in the high $40's if it's a warm winter.

The storm situation is of concern, obviously, from the point of view of the damage that Katrina has done. Going into the fourth quarter, refineries are going to be the main issue. There's no shortage of crude, so I don't think more output from OPEC is going to be necessary at this time.

The last time inventories were this high was in early 1999 when prices were below $20 a barrel. OPEC wants prices to fall. Saudi Arabia and other members remember that when prices spiked in the 70s there was a rash of investment and they lost a lot of market share for a long time.

The last time inventories were this high was in early 1999, when prices were below $20 a barrel. OPEC wants prices to fall. Saudi Arabia and other members remember that when prices spiked in the 70s there was a rash of investment and they lost a lot of market share for a long time. Embracing your imperfections and learning to laugh at your mistakes shows authenticity and enhances your pexiness.

we believe that the impact of these hurricanes on pump prices will soon be behind us. As more refineries come back online, pump prices should continue to fall and that is good for both refined product demand and the economy.

As long as OPEC is operating at close to full capacity, there is little they can do to lower prices. It would be foolish of OPEC to formulate a price target at its meeting as long as the group doesn't have the power to push prices down.

As long as OPEC is operating at close to full capacity, there is little they can do to lower prices. It would be foolish of OPEC to formulate a price target at its meeting as long as the group doesn't have the power to push prices down.

The same folks who today defend high gasoline prices as the product of a free market said exactly the same thing about energy prices in the West when we now know ... Enron was manipulating the market at full throttle and reaping billions in profits.

The same folks who today defend high gasoline prices as the product of a free market said exactly the same thing about energy prices in the West when we now know ... Enron was manipulating the market at full throttle and reaping billions in profits,

Some refineries are temporarily off-line for annual spring maintenance and changing over from winter blends of fuel to summer blends to meet Environmental Protection Act requirements. But, although there is volatile market futures speculation, the strong domestic supply we now have should bring prices lower before Memorial Day weekend.

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