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| OPEC chief unconcerned if crude hits $100 a barrel |
| 2011-01-17 |
| OPEC's leading oil price hawk Iran joined Venezuela and Libya yesterday to say it saw no need for the cartel to consider raising crude supplies to rein in prices which are nearing $100 (€74) a barrel. Iranian oil minister Massoud Mirkazemi said some OPEC members saw no need to act even if prices went to $120 a barrel. The comments will be of concern for consumer countries worried that rising commodity costs are igniting inflation and jeopardising economic recovery. "None of the OPEC members find $100 concerning or irrational. Some of the OPEC members see no need for an emergency meeting even with prices at $110 or $120," Mr Mirkazemi, OPEC president for 2011, told a news conference. |
| Posted by:tipper |
| #10 Our currency being worth less will drive manufacturing back home and help with the trade deficit. If only that were true. Our byzantine nightmare of a regulatory state, massively inflated (and rising) tax rates, and shooting gallery legal system will guarantee that those sorts of businesses will not return to the US until and unless we undertake significant structural reforms. Why build a factory here and deal with higher costs, more regulation, and governments at most levels which view you as an enemy when you can avoid all of that by going almost anywhere else in the world? |
| Posted by: AzCat 2011-01-17 11:48 |
| #9 Quite a deal if China decides to send troops into south Sudan and surrounding area for stability purposes, improves Horn port facilities, chases pirates out or at least from china flagged vessels. Thats how I'd do it - international mandate for troops and bases, control of oil and infastructure, dominance of pirates, badda boom all ya need is an Indian Ocean fleet to make sure those chinese products get to Europe safely, you knowz. |
| Posted by: swksvolFF 2011-01-17 11:37 |
| #8 I am sure there are a couple formulations out there which do a fair job of running the risk of the USA not only supporting but then not repealing domestic drilling; the goal to get as much money as possible without being told to stuff it. And once the formula is figured, it can be adjusted for many major countries and variety of fuel sources; and likely simplified enough even a politician can do it. Then if someone had nothing better to do than contemplate the undermining of the people buying that fuel, I am sure another line could be plotted considering how much/bad getting caught red-handed until told to stuff it, overlay onto fuel charges for optimum return on selling people your camel piss/milk drink and telling them it tastes good and is good for you. Lots of variables there, so increase the margin for error by controlling word on the street, which is media and education. |
| Posted by: swksvolFF 2011-01-17 11:26 |
| #7 Our currency being worth less will drive manufacturing back home and help with the trade deficit. It's not all bad. Now China has a problem if they want to hold onto our business. They'll have to devalue the yuan. But of course, that makes oil more expensive for them, too. |
| Posted by: gorb 2011-01-17 11:23 |
| #6 Ahh.. I see your point. That also means our paycheck (if you have one) is worth less too. This is what Obumbles meant by 'Change'. |
| Posted by: CrazyFool 2011-01-17 11:17 |
| #5 Truthfully, oil's NOT higher, our Money is worth less (Thank you Obama) |
| Posted by: Redneck Jim 2011-01-17 10:54 |
| #4 The speculators in both cases have money and power to do this sort of thing because of our deliberate inaction. |
| Posted by: Thing From Snowy Mountain 2011-01-17 09:20 |
| #3 The 2008 oil spike occurred because of speculators in the commodities market. The new rise is because of the speculators at the Fed debasing the currency. |
| Posted by: Procopius2k 2011-01-17 08:37 |
| #2 It's not as if we would 'drill here' in the US or anything. Just think - what if we had started drilling the last time they started this shit? |
| Posted by: CrazyFool 2011-01-17 08:17 |
| #1 In keeping with the new world currency theme OPEC chief unconcerned if crude hits 100 US dollar = 659.30 Chinese Yuan Renminbi All fixed - /sarc off |
| Posted by: Goodluck 2011-01-17 07:32 |