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16 October, 2010

OPEC Members Seek $100 Oil to Counter Dollar Weakness

Be advised that the last time oil was at a high-point it was in the $140/barrel range. There are many who believe that this is what really caused the economic crash of 2008, rather than the proposed bursting of the housing bubble that has widely been blamed.

In fact, there is a theory that this is to be done every few years to stem the coming inevitable disaster known as Peak Oil. After the 2008 crash, a raw economy created artificial demand destruction as people canceled their vacations, ate out less, etc. and therefore bought and used less gasoline. This helped to postpone the coming crash.

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OPEC Members Seek $100 Oil to Counter Dollar Weakness - Bloomberg: "The 13 percent decline in the Dollar Index since June has led some OPEC members to call for oil to rise to $100 a barrel.

The U.S. currency’s weakness means the “real price” of oil is about $20 less than current levels, Venezuelan Energy and Oil Minister Rafael Ramirez said after yesterday’s meeting of the Organization of Petroleum Exporting Countries in Vienna..."

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