OPEC: Oil prices to remain flat through mid-2009

[The Master]

OPEC predicted on Saturday that world oil prices would not rebound until mid-2009, after the cartel left its output unchanged at a consultative meeting in Cairo.

"The prices will not begin to rise before the second half of 2009," said OPEC Secretary General Abdalla Salem El-Badri.

Oil prices have slumped by two-thirds since striking record highs above 147 dollars per barrel in July, as the market has been rattled by a looming global recession and weak demand.

El-Badri added that OPEC ministers have reached a "consensus" about cutting output at the next production meeting in Oran, Algeria, on December 17.

"There's a general consensus for an action," in Algeria, he added.

"We have to look at what happens to demand from here to Oran and... what is happening to stocks."

[The Master]

Looks like the American people are going to get screwed next year around may.....sound familiar? I think I made a post on two of my other sites about the prices and how we will be screwed again next year.

[Deepskyy]

Why do these fools insist on biting the hands that feed them over and over again.
Eventually, the owner of the dog gets annoyed and whips the dog for that... or stops feeding him.