September 10, 2008

Oil cartel: Oil is too cheap

The oil cartel OPEC decided today that oil prices were getting just a bit too low - even though they they were still in the $103 per barrel range. Fearing they may loose some income, OPEC decided to cut production, which pushed oil prices up a bit this morning. Their goal is to keep oil priced at or above $100.

Apparently a slowing global economy, struggling families trying to pay for gas to get to school and work or heating oil to stay warm this winter aren't enough reasons for the cartel to work to keep prices reasonable to the world.

Thank goodness we're expanding our alternatives - including ethanol.

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