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It was reported last week that OPEC decided not to increase oil production thereby insuring that gasoline prices will continue to remain low or lower.
That’s great news of Holiday Gas Guzzlers in Mobilia... including (it must be said in the interests of ‘fair reporting’) the chipsters.
But why? Why would Venezuela not at least attempt to prevent a slide in its revenues? That is, after all, what crude prices are about. If Venezuela needs anything it needs revenue... even more than toilet paper.
Well, most likely Venezuela had little alternative but to cow tow to Saudi Arabia’s lead. But why would the Saudis themselves not seek to keep prices afloat? They never particularly gave a damn for the American guzzler-driver. Remember 1970? Why should the be-sheeted shieks give a rat’s ass now?
One of the chipsters came up with the theory that Saudi Arabia was trying to undercut The Frackers. It’s a good theory but the question occurs: why not before? Why now? Did OPEC finally wake up to the potential competition from fracked oil? Actually there is no competition.
Another one of our chipper editorial board came up with the theory that the cartel’s decision was in fact the opening salvo of economic war against Russia.
The United States aims to break the Russian economy and to this end called in its chips with the Saudis who have little choice but to grit their teeth and payback.
The chipsters voted and decided that the second alternative was what was actually afoot. The United States is venturing where Napoleon and Hitler trod before. That it does so by stealth and stocks is immaterial. It still seeks to slap down Russia where she belongs.
Will Putin be the one-eyed general?
