A true statement. I think that OPEC having the ability to artificially limit supply may lend some truth to LL's idea, but I don't see it. There is more to it than just OPEC. A lot more. The dollar falling, global demand surging, and a serious backlog in new oil field development, for example.
no, the tickle me elmo crisis can be directly tied to george bush also. in the last year, OPEC has increased production by only fewer than 3 million barrels per day, according to the U.S. Energy Information Administration, while the per-barrel price of oil has doubled. Increasing production would lower the cost of crude oil by increasing supply to meet demand. members like venezuela’s Hugo Chavez have admitted wanting to use anti-market practices to keep oil prices high to hurt the U.S. economy. yet from the beginning of 07, when world prices hit a yearly low of $48.20 a barrel, through the first week in march 08, the media have focused on oil companies profits as the cause of high prices and downplayed the role OPEC plays in manipulating prices by artificially controlling oil supplies.
Venezuela cannot control anything. They could take their oil off the market, but it funds their subsidized grocery stores, and closing them or raising prices would create a domestic mess. Venezuelan production has fallen mostly because the new workers that weren't part of the old PdVSA don't know what they're doing, and partially because the oil is getting harder to get.
agreed. i am not blaming the gas price issue solely on OPEC, never was my beef with the guy that brought up the 'war for cheap oil' bit. it's not 100% bush's fault either, sure he may have impacted gas prices with some bad decisions, but as you stated, there are far too many variables to blame any one person or org. I just personally believe OPEC has more 'control' over the issue than bush does, and more 'control' over the market than most people believe.
There is only one producing nation with the ability to artificially limit supply without significantly hurting their economy. Our good old buddies the Saudis. They are the ones with the world by the short hairs.
This thread is all over the place. Back on topic. The Uighars are Islamic and there is a Uighar terrorist group but Islam isn't whats driving them to be terrorist. As for oil I've heard there is the possibility of oil in Xinjiang though I don't think that's ever been fully verified. There are plenty of other natural resources which is one of the reasons why the PRC would never consider giving it up.
There is thought to be some oil and I believe Shell may have a joint exploration venture there, at least it seemed that way - but if it is it's WAY in the middle of the dunes of the Talamaklan, hundreds or even thousands of miles from any inhabited area, fresh water, and smack in the most forbidding, deadliest desert on earth, and really hard to get to. You can't really even build a road through it that's going to last for any length of time, you'd pour the asphalt and it would sink into the sand and get sanded over. Maybe the Jawas could find it.
One thing I'm not sure I understand: OPEC owns oil reserves. So what's so wrong they want to control prices? It's their oil, and they are independent nations.
