can't blame them, their whole future depends on it. can you imagine the middle east without oil? all you have to do is look back a hundred years.
they played that card back in mid 80's and it worked well for them. this helped me a bit to understand where the funding comes for the climate change deniers. it's not just the Exon-Mobil.
The main thing is we seem to be seeing long term boom and bust cycles, where the price of crude goes up, then all kinds of new production starts taking place (biofuels, ethanol, tar sands, fracking, Prii, etc) which eventually leads to over-supply and the prices fall until the next shortage. So we had high prices 1973-1983 then the fall-off in price from about 1985-2000. Then the recent price excursion (2004-2014) and now we seem to be going into the next low price period (decade? who knows).
I suppose one of the benefits of highly taxed petrol is that the price barely reduces, even when the cost of oil halves. People are still buying economical cars safe in the knowledge that even if oil falls to $10 a barrel, the Government will just add more tax to keep the pump price consistent. I wonder if there are benefits to the economy by having a consitent price?
that would hurt them for sure, but would hurt US economy and nationals much more. It's interesting that even with OPEC repatriating their petrodollars now, the dollar is super strong. good timing for the euro collapse i guess. or was eurozone hurt by high energy prices (2011-2014) in the first place?
the dollar is strong b/c of the euro situation. But if you look the dismissal of petro-dollar had already started it is obvious when you compare 2014 with 2013 numbers.
