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- happinesswaning, on 10/17/2008, -0/+0The U.S. is not a member of OPEC yet will increasingly attempt to pressure OPEC into making production decisions based on American traders profit needs. Many of the OPEC nations are still functioning at a very comfortable profit margin and should see continued steady demand from China and other Nations. It is in their power to stay the course and keep the supply system balanced as it is now, or cave to American pressure to cut production which will only ensure American oil traders a hefty profit that in no way trickles down to any normal consumer.
Opec is an exporting consortium of oil producing nations and some of the nations of this consortium understands that end result consumers don't speculate on oil, it's an energy need that has been continuously manipulated for a few rogue oil traders. People will freeze to death this winter if supplies are reduced just to satisy commodity traders hunger for profits.
I believe the leaders of OPEC are humanitarian and can and should hedge their commodity.
But hedging and speculating are so very different. I believe OPEC has seen America's true colors and realizes certain players of the U.S.A wish to manipulate OPEC's direction, control and power. It's time for OPEC to tell America to back off! We can barely afford the oil and gas prices today and winter is coming. Could production cuts wait until March if they have to be done at all?
OPEC, you have the power to help stabilize things worldwide. Don't let the wicked men of America continue dominating all things that don't belong to them.
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