OPEC President: No Need to Raise Supply

The President of OPEC reiterated his statement that there is no need to raise oil supply because oil price increases have been related to other factors such as a weak dollar and U.S. pressure on Iran.

The interesting thing is that, despite Democrats' dislike of the OPEC cartel, they come to the same conclusion - that we don't need to increase supply. And Obama's claim that increased drilling would have no effect on prices is laughably ignorant. Most people understand that the futures market is a discounting mechanism so that even the prospect of more supply 5-10 years from now would bring down prices almost immediately.