(Image Source: OPEC)

BY ADNAN S. KHAN

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Looks like we might be paying 5 bucks a gallon again. CNN reports OPEC has refused to raise oil production even with the price of crude reaching $100 a barrel.

“The reason these OPEC ministers say they’re not likely to add any supply soon is because there is enough supply on the market and these high prices are due to speculation rather than supply and demand.”

Bloomberg says raising the price of such commodities is detrimental to the world’s economy, especially considering the world is coming out of a recession. But, OPEC members seem to think otherwise.

“Some OPEC members see no reason for the group to call an emergency meeting even if prices reach $110 or $120 a barrel ... None of its 12 members has asked for an earlier meeting to discuss a possible increase in output as a way of damping higher prices.”

But, The Wall Street Journal reports OPEC recently discovered the demand for oil will be higher than it expected for 2011 and that COULD force OPEC into increasing production.

“OPEC's stronger forecasts in its monthly report come as the International Energy Agency said Monday that the oil producers' group should be ‘flexible’ with its output decisions.”

In 2008 crude oil reached a record high of nearly $150 a barrel. MSNBC suggests promoting off-shore drilling in other areas like Anwar, to supplement U.S. energy needs. But Democratic Representative Jay Inslee says it won’t help.

REP. JAY INSLEE (D-WA): “The fact of the matter is – is that if we drilled in the ANWAR, it is less than one half of one percent of world oil reserves and you’re not going to change the price of oil even if you put a spigot in every acre in the ANWAR. You know we can save more energy, inflating our tires than there exist in ANWAR.”

Economic Times reports some members want to increase the price of crude but Saudi Arabia stepped in and stopped the prospect from going anywhere.

“Some OPEC members -- Iran, Venezuela and Libya -- were urging higher prices at Quito to above 100 dollars a barrel to offset what they said were rising production costs. But OPEC heavyweight Saudi Arabia differed, saying between USD 70 and 80 a barrel was a ‘fair price.’”

So what do you think? Will oil price remain the same? Or will the trips to the gas station become the scariest activity of the day – once again?

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