OPEC to the rescue?
According to OPEC president Chakib Khelil, oil prices “will not come down.” While in Brussels, Mr. Khelil stated that OPEC has done all it can do and not to expect prices to drop further. Upon reading this, I pause to ask that if the world’s largest oil cartel can do nothing to soften prices, what will the US do? Allow drilling on its own land? Appeal to Western Hemisphere nations – with the exception of Venezuela, of course - to supply us with more crude? Produce the ‘magic bullet’ that transforms hundreds of millions of vehicles in the US into hybrids overnight?
Senator McCain is ready to shell out three hundred million for a battery. Senator Obama said he wasn’t ready for $4 per gallon gasoline. The congress are a bunch of NIMBY’s and heaven forbid we spoil our own soil! So much for leadership.
The United States is ripe for a true comprehensive plan to meet its energy needs. Unless the afore-mentioned hybrids miraculously appear, we need more crude and the infrastructure to refine it. That doesn’t mean that we continue to ignore the need for alternatives – and quick! We were taught this lesson before – anyone live through or read about the oil crisis’s of the 1970′s? Need I say more?
Don’t expect OPEC to bail us out on this one. They have no incentive to do so!
AFP: Oil Prices Won’t Come Down – OPEC President
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