 |
   
OPEC Oil Production Cut (12-19-2008)
Anyone remember when gas prices were over $4 a gallon nation wide and oil was well over $125 a barrel? Yeah, those days sucked.
In response to this price gouging President Bush, in one of his very few moments of clarity, earlier this year asked the leaders of OPEC to raise it's production in order to bring down the price of oil...and thus the price of gas.
OPEC, not surprisingly, had to be dragged to the negotiating table and begrudgingly decided to up production by 500,000 barrels a day.
Wow...what compassion! ugh.
Let's fast-forward to today: gas is under $2 a gallon in most areas and oil is around $40 a barrel.
In response to this, OPEC called an emergency meeting in October to discuss cutting production to inflate the price of oil.
Then OPEC agreed to another production cut in December of this year. Oh...by about 2.2 million barrels a day. This was the largest production cut in the history of the organization and represented the third cut in the last three months. Those three cuts represent a total of 4.2 million barrels a day.
Anyone find it sickening that when the price of oil/gas is outragiously high that OPEC drags it's feet to raise production to bring down prices, yet schedules emergency meetings when the price is no longer in their favor??
If anything, this is reason #1 why to get off of foreign oil. They just do not have our best interests in mind. Fuck them. Let them eat their oil. Or shove it up their asses. Whatever comes first.
This Rant Brought To You By Matthew T. Chernay
|
Affiliates:
  
 
|
This Site Is Powered By:
 |
|
|
