Re: Some questions about gas/crude oil prices

On Dec 2, 7:02 am, Brablo <gestureofresp...@xxxxxxxxx> wrote:
Currently, crude oil prices are about $90/barrell. This is very
epensive in absolute and real terms. The reasons why crude oil is
expensive are because OPEC has reduced production of processing/
drilling the crude oil. Therefore, less supply is met with a (almost)
constant demand which is reflected on higher costs.>

Naw... the price of oil is driven by a monoply, a very powerful
cartel, namely OPEC, mainly member Saudi Arabia, who has the major
reserves. The Saudi's are driven to keep the price high mainly to
support the Saudi royal family in the style they desire (plus give
them enough hush money to keep the average citizens settled down.) As
is common, the 'free market' concept of supply and demand is not very
useful. Therfore, keep paying at the pump and be happy. If you want to
improve things, work on how to outsmart the Saudis'.
.

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