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Iran’s OPEC governor Mohammad Ali Khatibi says that the oil market is oversupplied. Apparently he favors cutting production at OPEC’s next meeting in Vienna on September 9. WSJ:
“The market is oversupplied by at least 1 million barrels a day. If OPEC would like to remove this additional oil out of the market, then OPEC has to cut some production,” Khatibi said.
Questions: (a) how did we go from a permanent shortage of oil to a surplus in such a short time? (b) how is it possible for Congress and some Americans to want to be held hostage by the likes of Khatibi and his friends rather than using domestic resources that exist in abundance?
August 16th, 2008 at 10:25 pm
Of course you know what the response is going to be: “If OPEC thinks the world has an oversupply of oil, then obviously the US doesn’t need to drill.”