Re: OPEC and gas price

Posted by RAB on April 01, 2004 at 08:48:09 from (195.93.34.11):

In Reply to: OPEC and gas price posted by Will on April 01, 2004 at 05:28:39:

I think your case is flawed. OPEC only set the limit on production. End of story. If you want some of that oil, more than someone else YOU OFFER more for it. Price goes up. Simple supply and demand. Like any commodity, if you can store it, you can pick your time to sell. Pretty fair system that a lot of farmers use to good effect.
You can do what you like but don't accuse OPEC of hostage taking. The west should be using much less oil and should not expect to buy it cheap from anyone. Just my 02p worth - and in the UK it's a lot dearer to buy fuel than in your neck of the woods.
Regards, RAB

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