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OPEC Cuts Oil Production

10/28/2008 3:57:51 PM

Tags: oil, OPEC, gas, gas prices, oil consumption, gas consumption, oil prices

OPEC announced Friday it will reduce oil production by 1.5 million barrels a day because of the global slowdown of oil demand. This could drive gas prices back up, but that might not be such a bad thing.

The New York Times reported that the emergency meeting ended with the decision to reduce OPEC output by 5 percent, which is 2 percent of the overall global consumption of oil, starting Nov.1.

Oil prices are trading below $64 a barrel, down from $145 a barrel in July.

The U.S. is the world’s largest oil consumer, but demand in the U.S. for oil is down and the lowest in five years. Last month it fell to 18.6 million barrels a day according to the Department of Energy.

As of Monday, gas now averages $2.66 a gallon, down from $4.11 on July 17. OPEC seems desperate to keep gas prices up.

Although this might seem bad for the economy to raise gas prices, it might be the best thing for the environment and green energy movement. When gas prices were high Americans started limiting their gasoline consumption and went to more earth-friendly forms of transportation such as biking, carpooling, taking the bus, walking, or even planning their trips more efficiently. Hopefully the fall of gas prices won’t revert those who now think more about their gasoline consumption.   

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