OPEC Meets Today

Wednesday, June 8, 2011

OPEC ministers meet today to decide whether or not they will raise their production levels, which would lower world oil prices and ease the recession. With oil hovering around $100 a barrel, the economy has yet to recover from the recession that began in 2008. With that kind of drain on the world economy, recovery is slow or impossible.

Libya, which normally produces 1.3 million barrels of oil per day, has stopped its oil exports altogether as its civil war rages on. Several attacks on Iraq's oil installations in the last few months have slowed its output. Syria normally exports 150,000 barrels a day, and their erupting violence have put that supply in question. And Yemen, which normally produces 260,000 barrels a day, has practically stopped because their pipelines have been bombed and their workers are on strike.

And on top of all this, the two primary leaders of OPEC, Saudi Arabia and Iran, have both expressed their reluctance to increase production.

Meanwhile, we are sending well over a billion dollars a day out of our country to pay for oil. This drain on our economy and this uncertainty has to stop. And it can stop. We could see an easing of our vulnerability begin within three years of passing the Open Fuel Standard Act. Let's do all we can to make that happen, beginning with calling our representative today. And once we've done that, starting in on this list.


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