Chakib Khelil is the president of the Organization of Petroleum Exporting Countries-still don't know?HELLO he is the president OF OPEC you know that organization full of middle eastern fat cat billionaires that are responsible for the majority of oil being bought and sold in the world no not the US Congress- haha!
Anyways Khelil says supply is not the problem, which I tend to agree I have seen reports that US oil consumption is down slightly, but there is still China who is sopping oil up like granny's homemade gravy at breakfast and a few other nutcases in the world whose politics drive the oil supply haywire-Chavez,Akmandenaboob in Iran and others.
The real problem is the weak dollar. Our money is so cheap right now its worth about as much as a James Weddles quote. In an article put out by an Algerian newspaper Khelil says:
"We have to follow the evolution of the dollar, because a 1% fall in the dollar means $4 more on the price of oil"
Khelil also said something I kind of agree with that its not just speculation or supply problems or the current state of politics in this world or even the weakening dollar-thanks alot Bernanke!! or even the newest kid on the block ethanol but a combination of it all that has got the world market all messed up. We need at least another year or so to let the market work its Capitalist magic and straighten itself out so the newest bunch of stock market millionaires buying cheap and selling high can be greedy when others are fearful and fearful when others are greedy.
Anyways Khelil says supply is not the problem, which I tend to agree I have seen reports that US oil consumption is down slightly, but there is still China who is sopping oil up like granny's homemade gravy at breakfast and a few other nutcases in the world whose politics drive the oil supply haywire-Chavez,Akmandenaboob in Iran and others.
The real problem is the weak dollar. Our money is so cheap right now its worth about as much as a James Weddles quote. In an article put out by an Algerian newspaper Khelil says:
"We have to follow the evolution of the dollar, because a 1% fall in the dollar means $4 more on the price of oil"
Khelil also said something I kind of agree with that its not just speculation or supply problems or the current state of politics in this world or even the weakening dollar-thanks alot Bernanke!! or even the newest kid on the block ethanol but a combination of it all that has got the world market all messed up. We need at least another year or so to let the market work its Capitalist magic and straighten itself out so the newest bunch of stock market millionaires buying cheap and selling high can be greedy when others are fearful and fearful when others are greedy.
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