OPEC cuts record 2.2. million barrels a day | ajc.com

OPEC move will raise oil prices From AP and AJC: “ORAN, Algeria — OPEC on Wednesday agreed to slash a record 2.2 million barrels from its daily production as of Jan. 1, while the bloc's outsiders Russia and Azerbaijan announced their own cutbacks of hundreds of thousands of barrels from the market.

Oil prices tumbled close to four-year lows after the announcement, however, a clear indication of the growing belief that the world is heading for a long and painful recession in which energy use will continue to erode.”

--- Just what we need now in this bad economy, more high gas and energy prices. Americans should cut back on car use ASAP. But this also signals a need to have fuel-efficient cars and keeps Detroit on the hook.

Steve Donziger Wants Billions From Chevron Not For Ecuador

Steve Donziger Wants Billions From Chevron Not For Ecuador

Steve Donziger, the lawyer representing Ecuador against Chevron in a $16 billion lawsuit, where Chevron is not the actual party at fault, stands to gain over $5 billion, making him one of the richest people in the World -- if he wins.

If the truth prevails, the company Donziger should be suing is Petroecuador, owned by the Country of Ecuador. That firm has been responsible for explosions and oil spills since 1990. If Donziger wins, Petroecudor litterally gets away with murder.

..More to come.

Oil Hits Record High; Get Ready For $5 Per Gallon In Calfornia

Oil Prices hit another record today as the price for a barrel of crude oil hit $139.12 just one day after a record of $135.09 was reached. I can't even find a gas station with a price for gas less than $4 a gallon and generally the cost is between $4.30 and $4.50 per gallon. I drive around to find the cheapest price I can, but maybe it's better not to drive at all!