Alliedassault - View Single Post - Oil Hits $70 Why? *shakes magic 8-ball* Nigeria and Iran

ninty · 04-17-2006, 02:37 PM

The price of oil is basically set by OPEC. The cut production and the price rises. Which is what they just did a few days ago.

I see it plausible that there is more than enough oil to go around, and OPEC cuts production citing violence etc. to gain profits as was the case when Katrina hit.

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ninty is Offline Major General Posts: 12,683 Join Date: Jan 2002 Location: Calgary	04-17-2006, 02:37 PM The price of oil is basically set by OPEC. The cut production and the price rises. Which is what they just did a few days ago. I see it plausible that there is more than enough oil to go around, and OPEC cuts production citing violence etc. to gain profits as was the case when Katrina hit.