Callous Cold-Hearted OPEC: Oily, Slick, Flim Flam Artists

OPEC Member States

How OPEC Sees Itself

How Many People See OPEC

OPEC is an organization made up of 11 oil producing and exporting countries: Algeria, the Socialist People's Libyan Arab Jamahiriya, Nigeria, Indonesia, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, the United Arab Emirates (UAE), and Venezuela.

The original five founders in 1960 were Saudi Arabia, Venezuela, Kuwait, Iraq and Iran. At one point those five alone produced 80 percent of the world's oil supplies. Their expressed intention was and apparently remains “…to defend the price of oil against all international oil companies.”

Also, back then early on, they figured out that oil was a depleting asset (once used never to be reproduced) and thus it had to be replaced by other assets, namely cash (money).

The rest is history in the making unfolding right before our eyes. The message today as it was with their beginning is: “We will not tolerate anyone producing and exporting oil to make tons of money except us.”

My post today is based on this article I read in Bloomberg.  It makes for good insight into the current drop in oil prices, U.S. production, lower gas prices, overall good news for the consumer, but not for OPEC. Seems those guys are never happy or satisfied unless their checkbooks are as full as their oil tankers.

The B/L it seems is still greed translated to political power and who knows what else? That is their only motivator; not jobs and that is despite the political rhetoric we hear from our members of Congress as they seek office and seek to stay forever: Jobs and lower taxes.

I wonder, however, has any American Pol ever met anyone from OPEC – seems doubtful.  

Thanks for stopping by.