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OPEC: Too Little, Too Late
In March of 1974, in the midst of the oil-dependent world’s first oil shock, economist and Nobel Laureate Milton Friedman noted:
Higher [oil] prices induced consumers to economize and other producers to step up output…In order to keep prices up, the Arabs would have to curtail their output to zero…Well before that point the cartel would collapse.
Jump ahead 24 years and we’re going through it all over again.
A few days ago OPEC’s president warned “severe” cuts were on their way.
“Severe!” The markets seemed shocked. What did “severe” mean? Oil prices went back on the climb. Many traders were thinking,…
18Dec2008 | Q1 Publishing | 0 comments | ContinuedProfiting from Oil Stocks: Apache (APA:NYSE) is on a roll!
Back on June 26, 2006, I recommended that my readers invest in a little-known domestic oil stock. Back then it traded for $63.76.
Nine months after Hurricane Katrina had devastated New Orleans and four months after the tealeaf readers of the National Weather Service had predicted a cascade of deadly hurricanes to turn Texas and Louisiana into swampland, Apache Corporation (APA:NYSE) had just done something that seemed like pure foolishness to the talking heads in the media: Bought out other energy companies’ natural gas fields in the Gulf of Mexico. Natural gas was at a low, and oil wasn’t going anywherere. Deutsche…
9Mar2008 | J. Christoph Amberger | Comments Off | Continued
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