no surprize here. opec is not there to look out for the interests of american consumers. we need to develop some electric cars and solar/wind/nuclear to offset increased electricity demands. then we could tell opec to go f**k itself.
That's exactly what's happening. Demand is down to 2003 levels, now, globally. They're moving backwards.
Lost in the shuffle of this thread is that OPEC did not cut the quota, they simply are trying to get countries to adhere to quota they already set ( a bunch have been oversupplying)
not really. you may be remembering it like that but there were many that did not think china would have the traditional post olympic malaise. those people were in the camp that was continuing to buy oil even at the extreme 140+ levels.
China is in a precarious stretch of time, their stock market completely crashed, real estate is about to crash (some areas already have), the low cost manufacturing base is being challenged by other regions.
