source

NPR kept talking about this today. They kept saying OPEC was doing this because they don't want oil prices to drop too low. What the hell is wrong with oil prices being low? Is there some random economics issue that exists here or is OPEC just being greedy bastards?

The source explained that: "Furthermore, the cut by OPEC could actually come back and haunt the cartel later since it gives the world more of a cushion against further output disruptions in the future." -End quote.

I once tried to read up on how they control prices but it was so complex I gave up. I don't think they can foolishly price themselves outa business, though. It's always been up down, up down production. What's the point in having something so prized high no one can afford it. Looks more like business maneuvering to squeeze a little more dolar.

God I want an electric car so bad.

Don't we get most of our oil from the Americas? OPEC just controls the oil market, not supply.

Well not exactly- yet. From what I understand, OPEC is a cartel made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

Dunno all the percentages but we get most of our oil from the above countries except Iran (remember that axis of evil talk), Iraq (we are still trying - but for now we are making a mess of things over there), Libya (we talked them out of their WMDs so hopefuly soon we'll start sucking them dry).

Notice the lone South American country Venezuela?. We get some oil from them too but their President don't like US that much. Maybe we should tell him to go choke on his oil, but you never wanna bite the finger that feeds you.

I think we also buy oil from other smaller suppliers around the Globe.