Sunday, November 30, 2008
OPEC gets tested
The latest example that the powers of OPEC are exaggerated--the drop of the price of a barrel of oil to below $60--that's a roughly 80-90 dollar drop since about July. As soon as oil gets as low as it is now, OPEC members start to reach for each other's throats. There are many lovely things about lower oil prices--one of them is the decreasing ability of political payoffs that most of the OPEC member states rely upon to keep their corrupt regimes afloat. And speaking of corrupt regimes, somewhere in Venezuela Hugo Chavez is sweating it big time--sweet.
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2 comments:
Hi VH,
I visited the two links in your post. Did I understand that Saudi Arabia doesn't want to decrease its oil production, but the others do? Or, is it the other way around? It wasn't very clear to me.
I hope Hugo Chavez will run out of money, so he won't be able to meddle in other South American country's internal and political affairs. He's so evil, isn't he?
Tasha
Hey Tasha,
It seems that the Saudis' want a barrel of oil to be around the $75 range and they want other members that said that they would decrease production to do so--Venezuela for example.
Hugo Chavez is vile and evil;)
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