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Don't Look to Saudi Arabia for Gas Price Relief

The OPEC meeting next week might have a bigger impact on your pocketbook than you think.

For the average consumer an OPEC meeting might seem very far removed from their day to day life. But in fact, what happens at those meetings and among the members of the oil producing cartel can have a very big impact on the price we pay for gasoline at the pump.

While oil and gas prices can be complicated and there is a danger in over-simplifying the various factors that determine price, the amount of crude oil that OPEC pumps onto the world market is a biggie. My old employer, Reuters, asked me to shoot a video for them, explaining how the OPEC meeting next week could impact you and I and what we pay for our gas. The key player to watch will be Saudi Arabia. They are the largest producer of oil in OPEC and have the ability to pump more or less oil with relative ease and are a close U.S. ally.  It's a complicated relationship and sometimes they face a conflict between serving their own interest and those of the U.S.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Thaddeus Dagger June 12, 2012 at 06:19 PM
Good, insightful article, Mr. Henwood. Thanks for your thoughts on the oil markets - I'd be interested in reading more about OPEC and what your suggestions would be to supplace their influence in the world markets. btw- the section titled "Local Voices" on The Patch is intended to be op/ed. For those reading with their eyes closed or who have recently chugged a gallon of bleach, I provide the following: com·men·tar·y; noun: The expression of opinions or explanations about an event or situation: "an editorial commentary". Thanks for playing "I'm an idiot - watch me blog" Mssr. Hookerman. -TD
Chuck Ruff June 12, 2012 at 07:51 PM
An editorial commentary is not excused from basic journalistic integrity, such substantiating that which is passed off as facts. When a commentator states; “I feel that…” or “it is my belief..”, then no substantiation is required since he is simply expressing his opinion. When he states; “the facts is…” or “while it is true that….”, then he is not expressing an opinion, but implying a fact, and it is not unreasonable to ask for substantiation to that implied fact. If you will notice, I’ve asked Mr. Henwood to substantiate his “truth” several times, and he has failed to do so.
Thomas Lotito June 12, 2012 at 10:24 PM
Hookerman's doesn't realize, on the whole, Chris is talking about the macro economy. Any time someone on the AOL-Huffpo Patch criticizes his messiah, Hookerman goes off the rails, minces words, morphs into an attack dog, and starts to bark. With economic growth hoovering around 2%, Obama's no growth, no drill, no pipeline, oil policies is sure to lose him the election. This will be a winning situation for the American people, because Romeny has a pro-growth agenda, he will reverse Obama-that is a fact. Until you get the courage to post in your own name Hookerman, get well.
Chuck Ruff June 13, 2012 at 12:47 PM
I’m the attack dog Tom??? I was attacked by you, Thaddeus Dagger, and Mr. Henwood, and all I did was ask him to substantiate a direct quote that he made on this forum. It’s very funny that after all these posts, and all three of you taking sides against me, not one of you was able to satisfy that simple request. It’s typical on an internet forum that when posters don’t have an intelligent reply for someone, they resort to personal attacks out of frustration. unfortunately, you guys fell right into that trap.
Thomas Lotito June 13, 2012 at 01:11 PM
Arrf, weasel words!

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