Is someone taking the micky?
As we have known for a very long time – the free market doesn’t apply to the oil producing nations. They have something that the world needs right now – and the world is going to pay for it.
This – in a wider perspective is why the free market is pure tosh! Oil effects everything – so you have high oil prices, you have higher prices, full stop.
From the ridiculous amount of packaging to the fuel that is swilling in the diesel tank – the customer pays! I have said for – at least 20 years, OPEC should be broken up. It won’t be, obviously, but while you have a few nations dictating the price how can a true, free market exist?
Slashing oil production to artificially raise the price, especially now isn’t going to work. If oil goes up – more jobs will be lost. Workers will be expended to bring costs down.
Saudi Oil Minister Ali Naimi says that the increase is needed for investment in future oil production – how about taking some of the vast profit and investing that?
Oil needs to be cheaper, not more expensive to help getting out of this global meltdown. Now is the time for the oil producing nations to do their bit.