OUTLAW OPEC!

I suggest it is high time for OPEC to be outlawed. It is an illegal organization under international law and is a threat to the security interests of the U.S. and much of the world. And I don’t think it should take years going through world courts to determine what we know is already the truth. There are various ways that we could deal with OPEC but it would take some leadership instead of just kissing the feet of these oil ministers who insist on fixing oil prices at obscene levels. Put someone like me in charge for one month and they would find themselves playing a very high stake poker game where I hold all the aces.

It is time the free market system played out and the nations of the world were not being extorted by a group of international pirates that love to call themselves oil ministers. It is time for these nations to get ready to play with a level trading deck because the American people are not going to allow these international pirates to rip us off much longer.

OPEC president says he favours cutting oil output - Yahoo! News

VIENNA (AFP) - OPEC president, Algerian Oil Minister Chakib Khelil, said here Tuesday that he would “prefer” the Organisation of Petroleum Exporting Countries to cut oil production at its upcoming ministerial meeting.
ADVERTISEMENT”I would prefer in this situation to lower production because demand globally is going to be lower,” Khelil told a press briefing ahead of Wednesday’s meeting in Vienna.

Algeria joins Iran and Venezuela in calling for a cut in output ahead of the second quarter when demand for heating fuel was expected to drop owing to warmer temperatures in energy-hungry Europe and the United States.

All three are traditional hawks in OPEC, frequently favouring output cuts to support oil prices, which are trading at record highs above 100 dollars per barrel.

Amid soaring prices, analysts believe OPEC will agree to maintain output on Wednesday. This would not be enough, however, to appease energy consuming nations who want OPEC to increase production to help bring down prices.

The White House on Tuesday urged OPEC to keep world markets “well supplied.”