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Opec Answers call for action

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posted on May, 28 2008 @ 04:19 PM
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Opec Answers call for action


uk.news.yahoo.com

A source at Opec said its 13 members were uncomfortable with the current price of crude, which last week hit a record $135 a barrel.

Based on present supply and demand, he said it should be fetching $60-$70 a barrel.

(visit the link for the full news article)




posted on May, 28 2008 @ 04:19 PM
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What the hell? Why is it that news like this goes virtually unreported in the USA and we have to get it off the UK wire, where even there it's barely mentioned?

Everyday we see a headline like "OPEC chief warns of $200 a barrell oil" and when you actually read the story it's actually about them fearing that speculators will drive the price up that high, yet stating there's no shortage in supply nor a worry for future supply. The media is walking stride for stride with the damn speculators who are artificially driving up the price of oil and gas in the world. The house of Saud says it will increase production, but until we start seeing some legislation to reign in these pirhanas any progress made by that action will be fleeting at best. Although I'd personally love to see OPEC take a short term hit, absolutely flood the market with oil to drive the price down to where it was mid 90's and watch these jackasses on Wall Street take swan dives into the concrete because they've just lost everything.

uk.news.yahoo.com
(visit the link for the full news article)



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