OPEC has no power over oil prices

OPEC has no power over oil prices. This is because the real power that they used to have over oil supply is gone. There is such an abundance of oil in reserves that OPEC does not matter and neither do their emergency meetings. They do their best to scare consumers to raise prices and their profits. The truth is that North America has more than enough oil. Why are gas price so high then you ask. Because of the futures market. Basically oil companies can set whatever price they want and people will pay it. Don't blame the gas station owner he makes most of his money in the convience store he owns selling coffee and other goods.

No comments:

Post a Comment

Add to the conversation