Wednesday, September 10, 2008

Curiouser & curiouser

OPEC Surprises With Output Cut; Oil Prices Flat.

The statement noted that "prices had dropped significantly in recent weeks driven by a weakening world economy ... with its concomitant lower oil demand growth, coupled with higher crude supply, a strengthening of the U.S. dollar and an easing of geopolitical tensions." And it warned of the possibility of further price erosion, forecasting a possible "shift in market sentiment, causing downside risks to the global oil market outlook."

But the USA doesn't need to develop their own petroleum resources...
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