Poor widdle arabs - from The Daily Caller:
Saudi Arabia Whines US Has Too Much Control Over World’s Oil
The Organization of Petroleum Exporting Countries (OPEC) has asked the U.S. to stop producing so much oil, according to a report Thursday.
OPEC’s report blames the U.S. in particular because hydraulic fracturing, or fracking, has greatly increased American oil production. The new production has led a lengthy period of very low oil prices. OPEC claims raising global oil prices will “require the collective efforts of all oil producers” and should be done “not only for the benefit of the individual countries, but also for the general prosperity of the world economy.”
New American oil production is undermining OPEC’s efforts to keep global prices between $50 and $60 per barrel, with current prices hovering around $47 a barrel.
“I think [OPEC] are now acutely aware that they don’t have the kind of influence they used to have 10 years ago, and that shale is now the swing producer in the market,” Tom Pugh, commodities economist at Capital Economics, told CNN Money.
The question that bears asking is what has Saudi Arabia done for the world? The USA routinely spends billions of dollars on foreign aid - what do the Arabs do? Why should we give a rats ass what they think - they are trying to monopolize the cost of energy. Let them learn about free market capitalism. It was cheap energy that drove the industrial revolution and makes our lives what they are today. It is cheap energy that drives down poverty in third-world nations and helps elevate them into first world power.
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