PLEASE ANSWER IF YOU COULD...
Thursday 6th March 2008
'Crude oil futures rose to fresh record levels yesterday, recovering from Tuesday's losses, after the Opec producers' cartel said it will not put more oil on the global market, blaming the Bush administration for US economic 'mismanagement' that could ripple across the globe.
Chakib Khelil, the Opec president, said the world market is being affected by what he called 'the mismanagement of the US economy', and that America's problems were a key factor in the cartel's decision to hold off on any action.
The United States - the world's biggest consumer of petroleum products - is trying to fend off the spectre of recession that could spread like a contagion to other economies.
But ministers from Opec nations argued the oil market was driven by an ailing dollar, hedge fund speculation and political strife, and not by a lack of crude supplies. 'Yes, the production will not be changed,' said Iraqi Oil Minister Hussain al-Shahristani as he emerged from the meeting.'
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The future is all about oil
Why? Because it’s running out
And, because its use is growing
Those talking begin to shout…
Almost all the “easy” oil has been taken
And the harder stuff costs much more
New finds are getting rarer
As stocks point toward the floor
The price rises and rises
As China and India industrialise
And with global threats rising
The shouts could become sighs
Should we have planned well ahead...?
Well yes, of course we should
Why didn’t we?
Good question. Please answer if you could…
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By KANEIX
© 2008 KANEIX
(All rights reserved)
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