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11-29-2005, 11:55 PM
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#27 |
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Registered Member
Join Date: May 1999
Posts: 5,246
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Re: Fuel Prices
The biggest reason that oil prices had fallen so low in the late 90s was OPEC. The nations would collectively agree to limit production to a certain level, and inevitably, one nation would break the agreement and start pumping to beat hell.
The disagreements on production go quite a ways back, and it was one reason why Iraq invaded Kuwait. The two were sitting on an oil field that was under both countries, and on one side, Kuwait was pumping to beat all hell. It would be similar to Canada was cutting down trees for wood in Glacier National Park, and amazingly enough, it got Iraq a little poed. With OPEC finally more unified, they have actually been controlling production a lot better, and it would have resulted in oil priced around the target of $30/bbl if it hadn't been for crazy people getting into a futures bid war, and the unexpected large increase in demand from Asian markets. |
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