If we ever see $60 a barrel again, it will be because demand has crashed and the economy is cratering again.
People b**** about the oil companies and speculators all the time, but it is actually OPEC that is the biggest factor in determining the price of oil.
No... our government will kill millions of people in Iran before oil gets too high in price in the U.S. The reason is that they fear what the public will do way more than they fear another war hurting America's reputation.
It's GREAT to be me. --- "45% liberal/55% conservative"
Diplomacy is the art of saying 'nice doggy" until you can find a gun.
Speculators are afraid of war with Iran. Last year, slight fears about a conflict in Bahrain pushed prices way up. This year will be no different.
It would have been nice if Mr. Cook had identified these manipulators.The oil markets are completely manipulated and orchestrated, and the conductors of the orchestra have the benefit of having already held a rehearsal in 2008.
Or did I miss something?
-I don't trust a man who talks about ethics when he's picking my pocket.- Time Enough For Love - Robert A Heinlein
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As a cartel, I expect them to restrict production just enough to drive up prices so that they can maximize their profit, without sending prices so high that we are encouraged to switch to alternative sources of energy.
And that's exactly what they do.