Of course, we have heard for weeks how it is all George Bush's doing that the price of oil is collapsing for political gain.
Now we hear that OPEC is in a panic over prices dropping, so they are going to cut production. Cutting production of oil will increase the prices, unless more and more Americans continue to cut their usage of oil.
The president of Opec on Sunday called on members of the cartel to put into immediate effect an agreement to cut output by 1m barrels a day, underscoring the group’s determination to curb falls in the oil price.
As much as we would like to blame George Bush for the prices going up and down, in reality- OPEC is pulling the string on prices.
How is it possible that America has gotten themselves into such a quandry that we would actually let OPEC dictate the US economy?
After all, we have plenty of our own oil to keep the country chugging along for a number of years. In the meantime, we can look for new and improved ways of cutting our oil consumption and finding different sources of fuel.
Instead of using our own oil, we let the environmentalists and the Democrats stop us from using our own oil.
Sorry, but if the Democrats still cannot figure out simple "supply and demand" economics, why in heaven's name would we let them actually have control of this country?
For pete's sake, it is time to stop selling our souls to OPEC for a few barrells of oil.
It is time to demand that our leaders use our own oil resources and stop selling our souls to OPEC.
1 comment:
Actually, if you look at the data, you will find that it was speculators on the various world commodities exchanges that caused the price spike. Members of OPEC did increase production to try to modify the price increases and now are cutting production to modify the price drop. They are being good old fashion capitalists and trying to maintain a price of about $70 per barrel.
At about $70 per barrel, the closed down wells here in the US are economically viable, by the way. So, OPEC's actions are good things domestically also.
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