Sorta like a “Laffer curve”, i.e. there is an optimum price for oil.”

You’ve got it backwards. By increasing demand they INCREASE PRICES that people are willing to pay to get the product. NO BUSINESS in their right mind would lower prices just because more units are selling.

Aeron

OPEC’s big fear is that they’ll get a massive spike of income for a decade or so, followed by a collapse as dozens of technologies come on line that collectively would end the Petroleum Age – and force most of them to confront the fact that without oil, most of them aren’t really set up to compete in the world. They can live off their oil revenue for awhile, but after that, they have to build real economies that involve people doing economically productive tasks, not digging stuff out of the ground.

Alternative fuels is an answer for the very, very long-term. The fact remains that oil is still a relatively cheap and powerful source of energy and will likely remain as such for some time to come. Beyond that is anyone’s guess.

Given that, we ought to be building more refineries and doing our best to make the most of the energy resources in our own backyard. It is ridiculous for our president to go begging in the Middle East for more oil production when we are sitting on top of some of the largest oil reserves in the world.

What boggles my mind is that there are enough proven oil/coal/natural gas reserves in the U.S. to meet 100% of our energy needs for at least another 50 years (some say even more). These energy sources remain off-limits to any exploration or extraction mostly for political reasons, rather than anything scientific or environmental.

Technology today is much better and we have tougher envirnonmental controls. The result is that we know how to extract such resources safely with minimal environmental impact. Yet, there are many who operate on a knee-jerk basis when it comes to the energy business. (For example, notice how France easily and safely uses nuclear technology for energy while we remain frozen in the dark ages by China-syndrome scare tactics.)

We need to get off our collective rear-ends and make the most of what we’ve got — good, proven, clean, cheap sources of energy — while we continue to work on the alternative sources that will power our nation down the road. We can and should do both. Why aren’t our politicians doing anything constructive about it except whining about “Big Oil” and subsidizing ethanol (which is NOT the future)? They need to be held accountable for retarding energy exploration and production with their stupid policies.

And no, I do not work in the energy or automotive industries.

They probably aren’t resting well. They are well aware of how this is hurting the US, and they’re going to see enormous pressure to Do Something About It even if they are pumping it out as fast as they can (which I tend to believe is the case).

Would you feel a bit unsafe if you had an angry, envious world breathing down your neck and calculating in the back room how they could control your oil for themselves? I wouldn’t want to be in their shoes.

OPEC likes stability, and predictability (as would any one in a commodities business) and this recent frenzy has all the signs of a big fat bubble which will collapse like 17th century tulips.

People assume because I work in the oil business that I’m delighted when the price of gas and oil goes up because it means more money for me!

Of course it doesn’t work like that, the raises that I have received over the last couple of years have not kept up with the rising cost of energy, food, clothing, etc.

Not am I suffering along with everyone else, but everyone else think that “I” am to blame!

Once again, you make some excellent points.