Saturday October 25, 2008

I've Been Thinking:

The campaign has turned to economic issues.
But one crucial issue has not made it to the campaign platforms.
The price of oil is going down, down, down and no one is talking about it.

Oil hit $63 yesterday.
Oil fell $40 in a month.
Oil is nearly $90 off its summertime peak.

OPEC, the 13 country cartel, is responding.
OPEC has decided to cut their production quota by 1.5 - 2 million barrels per day.
OPEC is asking each nation to pull back production in order to limit supply and keep prices up.

But the OPEC countries are already producing more than their 29 million barrel a day quota.
They do not want to cut back because they want the money.
They do not want to wait until the market readjusts.
So OPEC is breaking its own cartel.

If I were advising either of our political candidates I would be hammering away at oil prices.
I would help the voting public understand that despite the downturn, the cost of heating our homes this winter will be cheaper and the cost of travel will be cheaper.
I would make it clear that OPEC will not be able to profit from our hardship and losses.
I would be passing along good, positive economic news.

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