y_feldblum Posted May 21, 2004 Report Share Posted May 21, 2004 (Reuters) World oil prices held near record highs Thursday as OPEC's top official said producers were powerless to manage a spike driven by factors outside its control. ... Cartel President Purnomo Yusgiantoro of Indonesia blamed hedge fund speculators, who have bet heavily on oil markets this year, and refinery bottlenecks in the United States. A cartel is a collusion of businesses which exists for the sole purpose of raising prices. And it has the temerity to blame another entity for raising prices? Quote Link to comment Share on other sites More sharing options...
AutoJC Posted May 21, 2004 Report Share Posted May 21, 2004 I know, I find that just weird. But one thing that does happen in warm weather is that the demand for heating oil goes dead flat. *duh* Once the driving season abates, and the weather remains mild throughout America, the oil supplies will rebuild. With the higher prices and the consumers less willing to pay these, OPEC will find itself in the peculiar position, once again, of having to adjust for market supply. Hardly the posture such an anti-capitalist organization like OPEC wants to take. OPEC is the world's biggest price-fixing scheme. Quote Link to comment Share on other sites More sharing options...
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