I read in the news this morning that OPEC is going to increase oil production by 2 million barrels a day.
http://news.yahoo.com/news?tmpl=story&u=/ap/20050919/ap_on_bi_ge/opec_meeting_12
"VIENNA, Austria
OPEC oil ministers trying to calm a market rattled by refinery shutdowns and concerned about supplies for the winter were debating Monday whether to boost the group's official output ceiling or make available 2 million extra barrels a day from reserves. "
That is just more greenhouse gasses that is going to be put in to the atmosphere. That got me thinking. If industrial countries decrease fossil fuel usage but OPEC keeps pumping the same, the price will drop. That will make it cheaper for others to buy it, consume it and put green house gasses in the atmosphere anyway. Cheaper prices usually encourage usage.
If greenhouse gas production is to be reduced to 1990 levels, then OPEC needs to reduce production to 1990 levels. OPEC is currently producing 30% over their 1990 levels. If OPEC would just reduce output to 1990 levels, then the amount of greenhouse gasses release would drop to almost that level over night.
http://news.yahoo.com/news?tmpl=story&u=/ap/20050919/ap_on_bi_ge/opec_meeting_12
"VIENNA, Austria
OPEC oil ministers trying to calm a market rattled by refinery shutdowns and concerned about supplies for the winter were debating Monday whether to boost the group's official output ceiling or make available 2 million extra barrels a day from reserves. "
That is just more greenhouse gasses that is going to be put in to the atmosphere. That got me thinking. If industrial countries decrease fossil fuel usage but OPEC keeps pumping the same, the price will drop. That will make it cheaper for others to buy it, consume it and put green house gasses in the atmosphere anyway. Cheaper prices usually encourage usage.
If greenhouse gas production is to be reduced to 1990 levels, then OPEC needs to reduce production to 1990 levels. OPEC is currently producing 30% over their 1990 levels. If OPEC would just reduce output to 1990 levels, then the amount of greenhouse gasses release would drop to almost that level over night.