What's going to happen when crude oil hits $75 per bbl?? Are we going to invade a few more oil-producing countries in the Middle East and take over their oil fields? If not, why not? I suspect there are factions within Western governments who have operational plans tucked away somewhere for such a scenario. Now, I wonder whether anyone will come into Alberta and seize control of the tar sands.
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Late in the trading day Wednesday, the Organization of Petroleum Exporting Countries tried to reassure the global market that it was doing all it could to help lower prices, saying it could boost output immediately. But analysts said those comments were largely discounted, since they had already been factored into the market.
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I don't really think that OPEC really cares how much consumers have to pay for the price of a litre/gallon of petrol in the West. If it were up to OPEC, I'm sure they would shut off the pumps for a couple of months just to prove that THEY are in control and not the West.
(NY Times)
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