|
Once again, OPEC has killed the goose that lays the golden egg
|
|
|
Posted on
Dec 03 2008 4:13 AM
by
adeal
|
History is repeating itself, at least in the oil market.
Once again, a miscalculation by OPEC -- probably motivated by greed or rational self interest carried to its logical (but foolish) extension -- has resulted in almost the same set of market conditions that resulted when OPEC made the same mistake in 1990-1991. Then, following the Persian Gulf War in 1990, OPEC increased production only grudgingly, in an attempt to hang onto sky-high oil prices of about $55-60 per barrel. (Or about $120 in today's dollars.).
|
|
No comment found for this blog
|
|