Evil OPEC Cartel

The price of oil has dropped by 32% over the past few weeks from a high of $147 to todays closing price of $101. Not that we have also seen gas prices drop by 32%, but that is a rant for another day.

And how does the evil OPEC reward us for the falling price of oil? By cutting output to keep prices high. See, the OPEC countries have grown used to all the oil revenue that has been pouring in, and dropping oil prices mean less revenue to them. Although...less revenue is relative since the price of oil is still far higher than the $20-$30 range pre 2001.

In OPEC's decision to cut oil production yesterday, they said they wanted to cut supply to keep prices above $100. Excuse me? Yes, keep prices above $100.

The high price of oil is hurting our nation's economy, and hurting the worldwide economy as well. We are using less oil now than we were last year because we can't afford to pay for it at $100 let alone the peak of $147.

Now how is it that an organization can just artifically set the price of a commodity? Cartels are illegal in the U.S. and Europe because artificial price fixing is just unfair for the consumer. However, OPEC is not your standard cartel. OPEC is a cartel of nation states. As such, it is immune to anti trust regulations under international law and the doctrine of state immunity.

I guess all I can say is those Bastards!