On Wed, 23 Jan 2008 08:48:49 -0500, Dave Hall wrote:

I also assume that there is a feeling out
there that OPEC will turn up the volume a little to drop prices

The ability of producers to "turn up the volume" is becoming
increasingly more limited. The Saudi's are already pumping at a rate
that is causing long term damage to their oil fields. Iraq's output
is way down from pre-war levels and may never come back to what it
was. Iran, Venezuela and Nigeria have serious issues with political
stability. Mexico is pumping at or near capacity.

Canadian oil sands have a lot of potential capacity but only with big
environmental impacts and production process issues. Undeveloped
Alaskan capacity is a relative drop in the bucket.