Quote:
Originally Posted by Darth_Porn
Ok ... I'll let you guys in on a little secret:
The reason why Crude Oil price reached 109 US Dollars per barrel is NOT because OPEC reduced production and it's not because of higher demand.
It doesnt cost them more to produce oil today than what it did a few years ago and supplies are on the same levels as before.
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you are right about the dollar and oil relationship obviously. and it is only going to get worse as a couple more interest rate cuts are on the way
but it actually is costing more to pump oil these days, and as the world does more advanced drilling to find more oil it will get even more expensive.
but overall, yes, its the dollar, not OPEC that is the problem, but its easy for american gov't to blame the brown man in the middle east, instead of looking to itself and admit that it is the reason why oil is so high