Iran and OPEC

Ok here is something that really gets me going, OPEC! On Thursday, Oct. 23rd Iran decided that the price of a barrel of oil was to low for their tastes. On Thursday Iran’s oil minister said that he would try and push for an oil reduction of 2.5 MILLION barrels of oil PER DAY!!!!!!!!! . This will there for drive the price of a barrel of oil up. Iran along with several of the other countries would like to see the price back around $90.00. . Hello $4.00 gas! So being the money greed whores that we all have come to hate they held a meeting on Friday with all the Big Oil Countries. The oil mob decided to cut the oil production only by 1.5 million barrels per day. Still a significant reduction, but not as bad as it could have been. Saudi Arabia lobbied for a smaller reduction and obviously they won out, at least in part. Iran’s comments Thursday about the era of cheap gas is over, as well as, we want as much money as we can get, probably did not help their cause. Iran has been using its immense income from oil to further their nuclear endeavors in complete defiance of the UN.

OPEC cited the economic crisis as the reason for the cut in oil production. We all know that they didn’t have the rest of the world’s interests at heart when they made this decision. Now here is the funny part. The price of oil actually dropped today after this news came out. We will have to wait and see if this trend continues or if Iran and the rest of the terrorists get what they want.