OPEC Stabs the World in the Back

Amid a global financial meltdown, signs of a coming world-wide recession, our so-called "allies" who are members of OPEC stab the world in the back. Falling oil prices is major factor in determining the depth and breadth of a world recession (transport, heating and industry rely on oil). On signs that oil prices continued to fall, from a few months ago- an outrageous $150 per barrel, to now just over $60 per barrel, OPEC is announcing one emergency meeting after another, to call for cuts in production. OPEC aims to keep prices high- even though $64 per barrel itself is a historically high price. Adjusting for inflation, the market equilibrium price is around $24 per barrel.

Now more than ever, OPEC needs to allow prices to drop to what the free market dictates, yet, the oil cartel is looking to make extraordinary profits despite the global economic tailspin. A worldwide economic recession could bring wars, millions of excess starving, untold socio-economic damage. Therefore, this now becomes a matter of global security, and if the world leaders have not already made some "firm" calls to OPEC, NATO, with cooperation of China and Japan, should put the oil fields under protective custody using military means, allowing OPEC to sell oil at no more than $30 per barrel.

During the time of "protective custody", and thus with gas prices significantly lower, there should be a 150% tax on each gallon/liter of gasoline purchased by consumers to be put into an alternative energy fund, to pay for massive and rapid construction of nuclear power plants, clean-coal, hydro-power, wind and solar farms to reduce, once and for all, the dependency on unreliable Middle-Eastern regimes.

In 1996 oil was at $20 per barrel, by 2000 it was $27 per barrel = 35% inflation, from 2000 to 2004 it went to $37 per barrel= 37% inflation, and from 2004 to 2008 it went to $105 per barrel = 183% !!! You accept that kind of inflation ? Does that reflect market demand ? Of course not, its the result of the oil monopoly of OPEC.

The threat of global calamity is no time to deal with corrupt, rotting oligarchies, tin-pot governments who are incompetent in approaching the role of oil in the current economic emergency. The Arab nations are covering their greed under the guise of Iran and Venezuela who are calling for production cuts. At this time, NATO countries already have an overwhelming military presence in the Gulf- its time to turn the crosshairs from Iraq to OPEC !