Oil on OPEC
Monday, October 27th, 2008Last Friday OPEC announced a cut of 1.5 million barrels of daily crude oil production as part of an effort to stabilize crude oil prices. Evidently the commodity did not react as expected, shedding more than 7% more after the news.
It seems that the stability of the global economy is trumping anything OPEC can do to prop up the price of crude. There is still a lot of money leaving the energy markets, either by force or lack of confidence.
Unfortunately, with every down day in the crude market, the foresight of alternative energy comes more into question. Everyone with a vested interest …





