OPEC Purposely Inflating Prices
Every time oil prices fall back, a manufactured news item comes along to push it to new record highs. Today OPEC President Chakib Khelil said that oil prices could reach $150-170 this summer but "aren't likely to reach $200." Libya added to the price jump by saying that it might actually cut production because there is already enough supply.
Everyone knows that Libya would never unilaterally cut production - they're making too much money. And they want more - so they will jack the price while they can and while traders are nervous.
The only silver lining to the price spike, which is virtually guaranteed to create short term economic problems for the U.S., is that the Environmental Leftist ideas that have caused all this manufactured alarm about global warming and oil drilling might finally be heading to their deathbed. Even Democrats will have to eventually listen to their constituents complaining about subsidizing foreign nations because we're too worried about disrupting the rhodophyta algae population.
Everyone knows that Libya would never unilaterally cut production - they're making too much money. And they want more - so they will jack the price while they can and while traders are nervous.
The only silver lining to the price spike, which is virtually guaranteed to create short term economic problems for the U.S., is that the Environmental Leftist ideas that have caused all this manufactured alarm about global warming and oil drilling might finally be heading to their deathbed. Even Democrats will have to eventually listen to their constituents complaining about subsidizing foreign nations because we're too worried about disrupting the rhodophyta algae population.
posted by Richie Rich | 4:25 PM
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