OPEC considers drop in output
By Kevin Morrison and Javier Blas in London, The Financial Times
Published: September 25 2006
"Oil exporting countries may consider a cut in output after crude prices fell below $60 a barrel on Monday for the first time in six months.
The decline came as global demand fell back from its mid-year peak and tensions over Iran eased.
Ministers from the Organisation of the Petroleum Exporting Countries are understood to be concerned about the drop in oil prices, which are down almost a quarter from their recent peaks."
They have discussed the prospect of trimming production ahead of the oil cartels next ministerial meeting in Nigeria in December, according to OPEC officials"
Here we go again. OPEC is addicted to cash. They need it to harm US interests on a global scale and prop up corrupt repressive regimes from Saudia Arabia, Russia, Iran, Venezuela etc. Now is the time to take it away from them. We must tax imported oil to a level that maintains the current prices. This can be offset with tax reductions in social security taxes. The excess revenues can go to fund the military. It can be used to build a national highway system designed for trucks only. Oil is going to be "taxed" by OPEC market manipulation or the US Government, but it will be taxed. Which do you prefer?