OPEC: Long on Oil, Short on Answers

OPEC has the oil – but they don’t have the answers.

Since the first oil embargo back in the early 1970′s, every time that OPEC was looking to hold their power over us, they would play the crude card. It worked more often than not.

So, now that we are in a global financial pinch, the USA is supposed to come up with hundreds of billions of bucks to free up credit markets AND keep oil prices high. Personally, I vote ‘no’.

The OPEC Secretary General Abdalla Salem El-Badri said that OPEC cannot bail out the world because of the recent financial meltdown. Excuse me, sir, but asked you? He went on to say that most of its member countries were poor. When I read that, a few things come to mind.

OPEC wanted to move to the Euro instead of the dollar. The last time I checked, the major world currencies have softened against the greenback in the past couple of months. So much for a currency change.

If OPEC doesn’t play nice, they could have more negative PR…leading to the lack of unity like in the 1980′s.

Add energy independence to that and you may have an oil glut.

Many OPEC members are not poor because of the drop in crude prices. They are poor because of the ruling totalitarian governments in power – oppressing their people – or worse.

No matter what OPEC decides, the world will cope. I encourage them to decide on acting in interest of the long-term.

OPEC better hope we don’t wise up this time and increase our energy independence. They may just find themselves out of a job.

OPEC cannot bail world out over financial crisis, says chief – AFP