OPEC head sees $170 a barrel oil coming soon, blames US
- added June 30, 2008
- 2 responses
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- jhaber
- added this
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he President of the Organization of Petroleum Exporting Countries (OPEC) rejected a call on Monday to set any price band control in face of relentless rise of world oil prices. OPEC President Chakib Khelil warned that the oil prices could rise further to a level as high as $170 U.S. dollars per barrel since demand is set to increase in the summer.
He sees the US failures to stabilize its economy and the weak dollar as adding to the high oil prices as speculators have flooded the commodities markets since the stock market is under performing.
check out more at the associated link.
He sees the US failures to stabilize its economy and the weak dollar as adding to the high oil prices as speculators have flooded the commodities markets since the stock market is under performing.
check out more at the associated link.
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Well there are positives to this. First off people will consider what kind of car they buy (fewer suv's) and secondly this might get people to really consider the need for more mass transit options (maybe similar to Europe's train system).
Anyway back to the article. I think that Opec is probably right when they are saying that the market has more than enough oil. -
if the dollar had some value and was backed by gold we would not have this problem the only good thing is maybe we could get a bullet train here in the us and make amtrak like death on wheels
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- TexasPatriot67
- 3 months ago
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