RIP OPEC
It’s been said at least two dozen times on every major financial website and in every financially-minded newspaper, but no matter how many times people say it, it’s still mind-boggling. Oil has hit both an all-time high of $145 per barrel and reached multi-year lows of $33.87 in 2008.
In a normal year, I would say that you don’t get much crazier than that. But since 2008 has been anything but normal, I’ll refrain because we’ve seen just how crazy things can be.
Obviously oil diving that far is good for anybody not involved in the oil trade, and not-so-much for organizations such as OPEC. Members of the oil cartel have all pledged to follow the severe production cut of 2.2 million barrels a day that they agreed on a few weeks ago in a desperate attempt to secure some profitable fraction of the money they were raking in back in July.
Sadly for them, those times are no longer and it looks like OPEC is incapable of stopping it. While oil has been fluctuating within a $10 range since the cartel announced its latest move, it just fell again today from $41.03 to $37.97 per barrel. And that’s despite the still ongoing fighting between Israel and Hamas, a conflict that had oil spiking higher at the beginning of the week.
Like it or not, for at least the time being, OPEC is officially powerless.
Wednesday, December 31, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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