Buy a battery-powered car. That's a recommendation of 28% of the Internet surfers who responded to an online CNN poll in mid-February when WTI was trading on Nymex for more than $29 a barrel. The answer was one of four allowed to a question of what to do about the rising cost of oil, and petroleum-based consumer products. The popularity of the "buy a battery-powered car" response-albeit facetious since the technology is not available en masse at present-is the sort of consumer sentiment that OPEC members are supposed to be keeping an eye on, to not have their production reduction affect demand. The stone age didn't end for a lack of stone, and the coal age didn't end for a lack of coal, as noted by Nader H. Sultan, deputy chairman and CEO of the Kuwait Petroleum Corp., while addressing Cambridge Energy Research Associates conference participants in Houston the same week as the poll-taking. The other three, allowed answers were "Nothing. Let the free markets determine the price," drawing 31% of votes; "Use political pressure to get OPEC to boost oil output," 29%; and "Wait it out. OPEC won't let prices get out of hand," 13%. -Nissa Darbonne
Recommended Reading
How Diversified Already Surpassed its 2030 Emissions Goals
2024-04-12 - Through Diversified Energy’s “aggressive” voluntary leak detection and repair program, the company has already hit its 2030 emission goal and is en route to 2040 targets, the company says.
BKV CEO Chris Kalnin says ‘Forgotten’ Barnett Ripe for Refracs
2024-04-02 - The Barnett Shale is “ripe for fracs” and offers opportunities to boost natural gas production to historic levels, BKV Corp. CEO and Founder Chris Kalnin said at the DUG GAS+ Conference and Expo.