Monday, July 23, 2007

Falling dollar puts pressure on Opec...

"The falling US dollar is lowering the Organisation of the Petroleum Exporting Countries’ purchasing power by up to a third, making the powerful oil cartel more reluctant to increase production and cut prices.

Although oil is trading near last August’s record $78.65 a barrel, Opec calculations show that, when adjusted for the weaker dollar and inflation, an average of the 12 Opec members’ crude oil prices has fallen in the past year."

Hey, how about this! Our friends of OPEC, Saudi Arabia, Kuwait, etc., etc., and etc have decided that, even though they have raised the price of crude to triple what it was 18 months ago, we (the US) are still paying too little because of the devaluing US dollar. 'duh'...Go figure!

Now I ask you, everyone who is watching our President, George W Bush, doing anything about it, like opening ANWAR so we can drill for our own oil and opening our coasts and the Gulf of Mexico,(where the biggest oil pool in the world was recently found) please raise your hands!

Just as I hands up! Won't it be nice when we get a president who will keep his promise and do something to protect our country.



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