Saudi Oil Minister Thinks High Gas Prices Are Good For the World Economy

Friday, September 6, 2013

The Saudi Gazette says that last year was a great year for OPEC. Led by Saudi Arabia, the illegal, price-fixing cartel made over a trillion dollars. And it was deliberate. As the article explains:

In January of 2012, Saudi Oil Minister Ali Naimi said that the Kingdom aimed to keep oil prices at the triple-digit level throughout 2012.

“If we are able as producers and consumers to average $100 I think the world economy would be in better shape,” he told CNN at the time.

The record run of $100-plus oil prices, coupled with strong production in the first half of the year, lifted OPEC’s net oil export revenues to a peak of $1.052 trillion in nominal terms, up 2.5 percent from last year, according to the US Energy Information Administration, the statistical arm of the US Department of Energy. A decade ago, OPEC countries made just under $200 billion selling their oil.

In real terms, adjusted for inflation, OPEC’s revenues in 2012 were also the highest ever, surpassing the peaks set during the oil crises of 1973-74 and 1979-81.

In 2011, OPEC raked in more than $1 trillion in net oil export revenues for the first time ($1.03 trillion), the US Energy Department said.

Because of OPEC's deliberate constriction of their oil production (to raise the world price of oil), Americans paid the highest average price ever for gasoline last year. The consequences of this unprecedented transfer of wealth are significant. Do you want it to stop? The Open Fuel Standard can stop it.


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