OPEC met and decided to cut production by 1.5 million barrels per day. But it seems it’s already too late as the price dropped to $63 right after their announcement. These poor, suffering dictatorships will have to find some other way to make ends meet. This may mean smaller palaces, less weapons, or, God forbid, more rights for their citizens. How many more people must suffer during this Greatest Depression?
NY Times – OPEC Suffers
OPEC is holding an emergency meeting to cut production. With oil prices plummeting, the huge revenues due to these countries are dwindling. OPEC chief Chakib Khelil has called for a “substantial cut” in production so that we can go back to paying $4 per gallon. Otherwise, how is Russia going to pay for its new modernized military that plays war games against NATO?
Raw Story – OPEC Wants Cut
In July a barrel of oil was selling for $145. Yesterday it dropped below $70. In just the last three weeks the price of oil has dropped more than $40. This may be good for the consumers of the world, but what about OPEC, the cartel of oil producing countries? They have called an emergency meeting to help stabilize oil prices, but it may just be too late. With oil half of what it was just a few months ago, countries like Venezuela, Russia, and Saudi Arabia, won’t be as flush with cash to buy weapons, threaten America, or rule their country with an iron fist. And who’s looking out for the tyrants? We here at The Elitist are and we would like to give comfort to America’s enemies by saying, “John McCain may become president. He loves drilling which will ensure your product never loses demand. Take heart in the fact that many voters are simply scared of the black guy. A vote for McCain is a vote for OPEC.” God bless ‘em.
NY Times – Oil Drops
