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View Diary: Another war that we are losing (27 comments)

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  •  cynndara - if there was no OPEC the market (1+ / 0-)
    Recommended by:
    Lujane

    price of crude oil, and gasoline, would be even lower.

    "let's talk about that"

    by VClib on Sat Feb 09, 2013 at 03:24:44 PM PST

    [ Parent ]

    •  Quite so. (3+ / 0-)
      Recommended by:
      VClib, Lujane, gjohnsit

      The cartel was formed to help oppose the US pricing power, and it succeeded in stemming the hemorrhage.  You have to remember that oil is a finite resource.  It's not to the advantage of those who have finite stores to sell, to sell too much too quickly.  However if they're locked into destructive competition, it quickly becomes a race to the bottom.  OPEC does what it needs to do for its members, mostly at least.  And when America lost the ability to dictate its terms to OPEC (1972, I believe -- I was in jr high at the time), the prices went up significantly.

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