Thinking out loud

Wednesday, December 17, 2008

OPEC oil cuts

The OPEC cut oil production by a record 2.2 million bpd yesterday, in order to stop the fall in crude oil prices. The United States has condemned this move by the OPEC saying that "OPEC has an obligation to keep the market well supplied and to consider the health of the global economy, so efforts to limit the benefits of lower energy prices are short-sighted".

Yeah right! OPEC has the responsibility to let the world see the benefits of lower energy prices. And how about the US' responsibility of making all sorts of technology cheaply available to the rest of the world, for the improvement of living standards in general? How about cheaper Intel processors and Microsoft software? How about cheaper medication for critical diseases?

I don't think the US is under any obligation to give out freebies - but then neither are the OPEC countries.


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