OPEC
If OPEC follows through on the talk that it will cut oil production by a million barrels a day, it will send a clear signal that the cartel feels the world can handle $60 oil, but it could also "undermine" prices in the long run, the energy experts said, by encouraging more conservation and investment in alternative energy. The news of the planned cuts, last week, sent prices rising up above 60 dollars a barrel. But prices have gone down since then to around 58 dollars a barrel as OPEC ministers talk over exactly which nations should cut how much, and when they will do it. But most analysts believe a cut is coming soon, and Qatar's oil minister told Reuters Wednesday that "there is no objection" and "that it could happen within the next two or three days."
posted by Anonymous @ 10/13/2006 09:54:00 PM
1 Comments:
Irresposible Energy Industry
The oil-cartel could succeed temporarily in increasing the prices. But in the long run these nations will have to produce more to sustain themselves. They have no other resource to fall back upon. Another war in the middle east will increase the demand of weapons and the prices of oil will plummet further. It is the oil (energy) industry, that has a perennial windfall actually, that has refrained from making sufficient investments to improve the technology that consumes petroleum, let alone be the finding alternatives. The Energy industry represents one of the worst of modern civilization and oil politics has caused many wars and human trgedidies always. As a protest I try to consume as little patroleum as possble.
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