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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 | Continued
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