The Financial Times is reporting that OPEC, as a whole, had record revenues last year, looking at netting $1 Trillion. According to the article, this represents a record high even adjusting for inflation. The increase was not evenly spread. Because of sanctions, Iran took a smaller than normal share of the oil revenue. The article also notes that in order to maintain its budget, Saudi Arabia needs to maintain oil prices at or above $80 per barrel. Last year, the Saudi oil minister vowed to keep oil prices at or above $100 per barrel.
OPEC's profits are strangling our economy, and fueling terrorism. We need to develop and exploit our domestic oil production in order to boost our economy, as well as strangle terrorism.
"We need to develop and exploit our domestic oil production in order to boost our economy, as well as strangle terrorism."
ReplyDeleteWon't happen. Domestic oil isn't "green" and adds to "green house gases" in the atmosphere. Nature worshipers (environmentalists) oppose domestic fossil fuel energy production (remember Dear Leader's promise to bankrupt the coal industry). And, Dear Leader has an affinity for Muslim tyrants and would-be Muslim tyrants.