Sunday December 12, 2010

I've Been Thinking:

OPEC (the Organization of Petroleum Exporting Countries) conducted a very short meeting yesterday in Vienna.

The oligopoly of 12 nations voted quickly to keep the current oil output numbers.

OPEC members are pleased with the current price of oil at just below $90 per barrel. OPEC members realize that given the uncertainty of today's economy, a change in oil production could wreak havoc on the world's economy.

OPEC members were gladdened to hear that it is anticipated that the price of oil will slowly increase over the next year.

OPEC is doing only what is good for OPEC. The organization does not want to put any additional strain on the current sensitive and volatile market - that would potential cause damage to the larger world economy.

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