{"id":1056,"date":"2004-08-03T05:55:26","date_gmt":"2004-08-03T09:55:26","guid":{"rendered":"http:\/\/www.brianarner.com\/weblog\/wordpress\/2004\/08\/oil_production_nearing_capacit\/"},"modified":"2004-08-03T05:55:26","modified_gmt":"2004-08-03T09:55:26","slug":"oil_production_nearing_capacit","status":"publish","type":"post","link":"http:\/\/www.brianarner.com\/weblog\/2004\/08\/oil_production_nearing_capacit\/","title":{"rendered":"Oil Production Nearing Capacity"},"content":{"rendered":"<p>If you want to examine what might shake up the world economy, look no further than <a href=\"http:\/\/www.reuters.com\/newsArticle.jhtml?type=businessNews&#038;storyID=5855605&#038;pageNumber=0\">oil<\/a>:<\/p>\n<blockquote><p>U.S. oil prices hit new record levels above $44 a barrel on Tuesday as the head of the OPEC producers&#8217; cartel said there was little the group could do to cool the red-hot market for the time being.<br \/>\nU.S. light crude rose 42 cents to $44.24 a barrel, marking the highest level since crude futures were launched on the New York Mercantile Exchange in 1983.<br \/>\n. . .<br \/>\nOPEC President Purnomo Yusgiantoro said on Tuesday the producers&#8217; cartel had no extra oil to immediately supply the world market to bring down prices.<br \/>\n&#8220;The oil price is very high, it&#8217;s crazy. There is no additional supply,&#8221; Purnomo told reporters in Jakarta.<\/p><\/blockquote>\n<p>That&#8217;s bad enough.  Of course if you are looking for a worst case scenario, things could get <a href=\"http:\/\/business.scotsman.com\/index.cfm?id=887522004\">much worse<\/a> if there&#8217;s a substantial disruption.<\/p>\n","protected":false},"excerpt":{"rendered":"<a href=\"http:\/\/www.brianarner.com\/weblog\/2004\/08\/oil_production_nearing_capacit\/\" rel=\"bookmark\" title=\"Permalink to Oil Production Nearing Capacity\"><p>If you want to examine what might shake up the world economy, look no further than oil: U.S. oil prices hit new record levels above $44 a barrel on Tuesday as the head of the OPEC producers&#8217; cartel said there was little the group could do to cool the red-hot market for the time being. [&hellip;]<\/p>\n<\/a>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1056","post","type-post","status-publish","format-standard","category-uncategorized","h-entry","hentry"],"_links":{"self":[{"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/posts\/1056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/comments?post=1056"}],"version-history":[{"count":0,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/posts\/1056\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/media?parent=1056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/categories?post=1056"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brianarner.com\/weblog\/wp-json\/wp\/v2\/tags?post=1056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}