The Observation Deck

Is the monopoly over? Would the end of OPEC be good for the US consumers? (This is just some wishful thinking on part )


(clicky here and read the entire article)

[quote]Saudi Arabia walked out on OPEC yesterday, saying it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran.

As the world's largest crude exporter, the kingdom in the desert took its ball and went home.

As the Saudis left the building, the message was shockingly clear. “Saudi Arabia will meet the market’s demand,â€

the Saudi Oil Millionaires need a place to spend their money. Venezuela and Iran are not so great as tourist destinations or to buy condominiums.

If the U.S. were still a global exporter of oil, we would probably want to be in something like OPEC. John D Rockefeller would probably have wanted to be in something like OPEC: it would have helped him get more money for his oil.