MONDAY DECEMBER 01
Thanks For Nothing, OPEC

The $10 oil debacle of the '90s suddenly doesn’t seem like such a distant memory. You'd think that OPEC would learn from its mistakes, but after having failed to prevent July's spike to $147 a barrel, OPEC isn't rushing to remedy the situation after oil fell below $50 last week. OPEC's "informal consultation" this weekend in Cairo ended in (what else?) inaction, with Saudi Arabia as the ringleader in resisting calls for further production cuts led by Iran and Venezuela.

December 2008

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