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OPEC's cuts mean no oil shortage.(Organization of the Petroleum Exporting Countries)(Brief article)
On October 20, OPEC, the Organization of Petroleum Exporting Countries, announced that 10 of its members would "reduce production by an amount of 1.2 million barrels a day, from current production of about 27.5 million barrels a day, to 26.3 million barrels a day, effective 1st November 2006." The move comes after the price of oil declined steeply over the past few weeks. Bloomberg News, reporting on October 23, noted: "Prices have plunged 25 percent from the record of $78.40 a barrel reached July 14." Both the rapid plunge in prices and the OPEC decision to cut production prove conclusively that the previous high oil prices were not due to a shortage of oil.
In a condition where the supply of a commodity exceeds demand, the price for the commodity must fall. That is just what has been happening with oil. There never was a shortage of oil, per se. The shortages were in refined fuels and were made possible because of a series of bad policy decisions that have, over the years, led to ...
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