OPEC Wants Monopoly Oil Price Set At Minimum $75 a Barrel in "Fairness"
From sky high oil prices this year that caused many Americans to carefully plan car usage or trade in gas guzzlers for more efficient vehicles to the current decrease in prices, it has been a year that has highlighted, often painfully, this country's unfortunate dependence on foreign oil rather than developing alternative energy cars and the need for Americans' car culture mind set to change.
OPEC plans a floor under those decreasing prices in the name of "fairness".
From Reuters: "OPEC oil ministers met on Wednesday to remove a record 2 million barrels per day from oil markets in a race to balance supply with the world's rapidly crumbling demand for fuel.
" 'Therefore we believe that $75 is probably more conducive to marginal producers to continue so we don't have a shortage in the market and we avoid the future sky-rocketing of prices.'
And in the name of fairness, this terrible economy, the environment, and the future of this nation and its people, Detroit needs to produce a lot more fuel efficient, hybrid, and alternative energy vehicles.
OPEC plans a floor under those decreasing prices in the name of "fairness".
From Reuters: "OPEC oil ministers met on Wednesday to remove a record 2 million barrels per day from oil markets in a race to balance supply with the world's rapidly crumbling demand for fuel.
"The 12 members of the Organization of the Petroleum Exporting Countries were also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel.
"Saudi Arabia, the world's biggest oil exporter, has led by example -- reducing supplies to customers even before a cut has been agreed to help push prices back toward the $75 level Saudi King Abdullah has identified as "fair."
"Ali al-Naimi, the kingdom's oil minister, was first to publicly call for curbs of 2 million bpd ahead of the meeting.
"The purpose of the cut is to bring the market into balance and avoid the gyrations of the price," he said. "The cut may lead to higher prices or may not."
" 'Therefore we believe that $75 is probably more conducive to marginal producers to continue so we don't have a shortage in the market and we avoid the future sky-rocketing of prices.'
And in the name of fairness, this terrible economy, the environment, and the future of this nation and its people, Detroit needs to produce a lot more fuel efficient, hybrid, and alternative energy vehicles.
Comments