Saturday, March 15, 2008

OPEC Is Not Fooled

"Ministers from the [OPEC], meeting in Vienna, blamed surging oil prices on the weak U.S. dollar and 'mismanagement' of the U.S. economy. .... Mr. Bush urged OPEC this week to pump more oil. ... Oil stockpiles across the developed world remain lean in places, but they are well within the historical norm. ... 'What is happening now is as much about the supply and demand for dollars as the supply and demand for oil,' said Daniel Yergin, chairman of Cambridge Energy Associates. 'This is a flight to commodities that is premised on the dollar getting still weaker'," WSJ, 6 March 2008.

I agree with OPEC and Yergin. Jeffrey Currie, pay attention.

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