Demand for crude

"OPEC too slow" in responding to changes in demand for crude (OGJ, Apr. 3, 2000, p. 19)? One reason crude has fallen $11 in 4 weeks to Apr. 10's $23.85 is that OPEC responded rapidly, having overproduced above its production cut agreement, which enabled members to quickly dump it on eager markets. That's one-half a 13 month price gain lost in 4 weeks!OPEC "ellipseis in the driver's seat on oil prices" (Watching Government, OGJ, Apr. 3, 2000, p. 33). If true, OPEC should have its driver's license revoked. US Secretary of Energy Bill Richardson, the oil industry, and OPEC all want stability in crude and gasoline prices, but pursue tactics and hold perceptions that perpetuate...

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