SEARCH BLOG: OIL
... by pumping less oil.
As the price of a barrel of oil drops toward the envisioned $51, OPEC is attempting to "stabilize" the price at high levels by cutting supplies.
This could have an impact... in the future... but for now the driving force [pun] is the economic malaise that has engulfed the world, a malaise that was in some large part due to the unjustified run-up in oil prices.
That is why this is exactly the time to begin expansion of oil supplies in preparation for the economic recovery... to prevent the continued economic yo-yo boom-bust related to volatile oil prices.Instead of making it harder and more expensive for domestic oil producers to expand domestic oil supplies, the government should be making it much easier... thereby preventing greater future supply problems. Or is that just too difficult to grasp?