Members of OPEC are trying to force the market to a target price of $100 per barrel, according to the latest media reports. With the current price of oil at $94.74, thanks primarily to a weak US dollar under President Barak Obama, they are already most of the way to their goal.
Only Saudi Arabia – the largest exporter of oil – is breaking from the pack. They would prefer to see prices retreat to $75 a barrel, a drop that would restore the price at the pump to around $2.50 per gallon, give or take a little. A rise to $100 per barrel would push US gas prices close to $3.25 per gallon for regular unleaded.
Tis the season to be greedy, if you’re OPEC, it seems. Maybe OPEC execs need to spend more time enjoying a massage therapy program online, rather than thinking up ways to artificially prop up prices and ruin the world economy. Again.