The Oil Supply Trump Card
Just when we begin to see a little relief at the pump,in steps OPEC to make sure the high prices are here to stay. As I calculate it, we would need to cut our consumption as a country by over 25% to convince OPEC that it makes economic sense to let the prices drop to close to $3 per gallon. Otherwise, they will feel that keeping the price of oil above $100 a barrel is the most profitable for them. We really do need to get out from under their iron fist – or oil fist as it might be.