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You can never be sure of anything OPEC says its going to do. There are too many "rogue" members that just do what they want to do. Anyway, they are -- allegedly -- seeking to increase the quota output to reduce prices. Reuters article here: OPEC Prepares Deal in Bid to Topple Price. Good by economic theory: increase supply to reduce the price on a fixed demand.
How benevolent. They're willing to increase the amount of the commodity they output (at a slowly diminishing price) just so we don't have to pay as much for a tank of gas. Let me see . . . more output = more revenue = more palaces. And my minivan doesn't cost over $50 to fill any more. Yeah that seems fair.
Posted by Grayson at June 3, 2004 07:52 AM