Amid the cutting down of oil production by the Organization of the Petroleum Exporting Countries, the prices of oil contniues to go down in the world market. The drop in oil prices is due to the falling demand for oil. It appears that more and mmore people are now looking for an alternative source of energy, which is goood both for the economy and the environment. Gas prices have been so high and that the OPEC’s arrogance in dictating the prices have been going on for so long. It’s about time their power be stripped.
It also appears that OPEC can no longer cut down its production, that is to say its plan to boost oil prices once more after shooting up to almost $150 per barrel in the middle of the year. The cartel can no longer afford to reduce production because if that would happen, governments and the people would definitely look for more alternative energy sources instead of begging the cartel to produce more.
Posted by Jones on January 7th, 2009 :: Filed under Uncategorized
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