It baffles me on how ineffably greedy these Middle Eastern Oilmen are. Sure, the world’s financial system’s crumbling, reductions in workforce, and little Jennifer can’t get a damn safe milk from China. Yes, the world as we know it is on the verge of a financial collapse. And people said The End would be triggered by WMDs.
Greed has become the sole cause of this financial crisis, and it seems the overabundance of it is apparent all too well with the grandfather of oil manipulating bastards, OPEC.
They impulsively decided to lower current production volumes on oil that their much hated and yet needed organization churns out. One morning they suddenly realized that world demand has decreased and prices of their precious produce have simultaneously slid. The only way to curtail such a downward spiral of price, according to their chief, is to abruptly reduce production.
OPEC has publicly declared their desired stable price range for their money making black gold, at a ‘steady’ $70 to $90 barrel -- fair enough (well, not really).
However, the unstable price range of $145 per barrel was never perceived by OPEC as a price concern. Guess on their end, it was still pretty ‘stable’.
As such, as defined by our oil producing brothers, ‘stable’ oil prices means $70 and above while ‘unstable’ prices lands at $69 and below. Genius.
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