On Nov 12, 3:27 pm,
7...@gmail.com wrote:
> On Mon, 12 Nov 2012 08:37:18 -0800 (PST), PETER SHORTS
>
> <
petersh...@yahoo.com> wrote:
> >On Friday, November 9, 2012 9:51:33 PM UTC-5, Polarhound wrote:
> >> Don't a single one of you Obamibots ever complain about the price of
>
> >> anything fuel-related ever again. This is what you voted for, now enjoy
>
> >> your skyrocketing prices.
>
> Prices are going to skyrocket anyways no matter who was elected
> president. If the US produced more oil OPEC is going to cut
> production thus forcing the prices up. Weren't you guys paying
> attention in past years when OPEC did that?
>
> Go take an economics class.
You must have taken your class in 1973.
OPEC currently controls about 44% of oil production. With in 5 years
the US will become the largest producer of crude oil in the world.
(Unless politics changes things) Both the US and Russia will surpass
Saudia Arabia in daily barrel production by 2017.
Of course, 44% of market share is not insignicant....but if you couple
that with that fact that OPEC members cheat on prodction limits more
than 4-star generals cheat on their wives, you can see that the cartel
doesn't have the absolute power it once had. If OPEC cuts prodution
and raises the price of a barrel of crude there are now other
countries that will step in to profit from the void.
OPEC nations are almost totally dependent on oil revenues. They can
cut production, for a while, but they need that money to function.