Quote:
Originally Posted by Kurt V
http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/11/the-death-of-opec.aspx
The death of OPEC
Posted Sep 11 2008, 07:01 AM by Douglas McIntyre Rating: Saudi Arabia walked out on OPEC yesterday. It said it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran.
As the world's largest crude exporter, the kingdom in the desert took its ball and went home.
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OPEC has made no announcement to the effect that it is dissolving, but the process is already over
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While I have always resented OPEC and everything they stand for, at least they kept things reasonably stable. They had certain rules and at least a small semblance of responsibility.
What I am afraid of now is instability. Rogue nations doing whatever they want, others fighting over how much the other guy is producing, not having to answer to anyone else, etc.
No, as much as I hate OPEC I am afraid I will learn to hate the alternative even more.
Now might be a good time to get even more cozy with Mexico and Canada. Statehood, whatever.
Put on your seat belts, I'm afraid we're in for a bumpy ride. Wars.