At Wednesday’s OPEC meeting in Vienna, Saudi Arabia lobbied for an increase in oil output . Countries including Iran resisted, arguing that oil supplies are adequate to meet demand and prices are appropriate.We've never been able to control what OPEC does, but we can control what we do. Drill baby, drill.
“We are unable to reach consensus,” OPEC Secretary General Abdullah Al-Badri said after the meeting in Vienna ended. Saudi oil minister Ali Naimi called the meeting “one of the worst ever.”
Traders were surprised, and oil prices climbed. Benchmark West Texas Intermediate for July delivery gained $1.65 to settle at $100.74 per barrel on the New York Mercantile Exchange.
Thursday, June 09, 2011
There are multiple reasons why the economy stinks right now and a key reason is energy prices. No help will be forthcoming from our favorite cartel, either: