http://articles.moneycentral.msn.com/Investing/JubaksJournal/are-we-watching-the-death-of-opec.aspx
Are we watching te death of OPEC? It is with this profound question that we observe the drop of pertolium prices from around 150 dollars a barrel to a third of this value, and still declining. The prices for petrolium are established almost entirely by demand and supply, basic economic concepts. Supply and demand however are also overseen by wallstreet as well as the speculative market, and it is through this that the prices became inflated. Will it ever reach such a high cost ever again? Well the fufture is almost always uncertain, however, if you follow past incidences, at one time in the country Interest rates were twenty or so percent and business men were suffering profoundly.
As for whether or not we are watching the death of OPEC itself… one might venture to ask are we completely depended of foreign oil yet? In addition, almost all of the major petrolium companies are selling all of their real estate in the US to not only to avoid the unbearable real estate market, but also to accumulate enough cash to create a new, cheaply manufactured source of power.
