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vwdeviant

OPEC and a gun to our heads?

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they are not that powerful price of crude has still dropped despite their decision to reduce output

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Considering that prior to the Americans going into Iraq in 2002 oil was a miserable $28/barrel I think OPEC has got a bloody cheek trying to rehike the price. They were doing pretty bloody nicely when the price was at that level.

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They have a commodity that the world wants, and they know we're willing to pay for it. I think they're smart to continue to keep the price high to be honest!

 

Ultimately we can only hope that Opec's greed will force us to push forward with alternative fuels so that we can reduce our dependence on oil.

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Seller's market with oil, look at Ferrari as another example, they limit the number of cars they produce every year to keep prices high.

 

Be interesting to see how long it takes for gas and electricity prices to fall as they are also heavily dependant on the cost of a barrel.

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