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Are gasoline prices too high?
Wouldn't it be nice if once, just once, the consumers won?
Del Mar, CA USA - Are gasoline prices too high?
Not if you are an oil or gas producer or bank lending to these types of companies.
OPEC is a cartel and adversely impacts the best interest of American consumers by manipulating and controlling that which should naturally be free markets.
Of course, artificially high oil and gas prices also benefit U.S. producers and financial institutions having based loans on the cash flow and profitability of the producing companies.
The U.S. government has it within its power to attack OPEC and perhaps even destroy the power of OPEC The government might even do so were it not for the political power of the Texas oil and gas lobby.
What about Iraq's oil? Is it really serving any American, consumer or otherwise, purpose to keep this source of oil off the market? One has to wonder why American politicians find it desirable to protect the economic interest of the one wealthy family who effectively own Kuwait and who profit the higher oil prices resulting from keeping Iraqi oil off the international market.
As it always has been, the price of oil is a political issue, one which pit consumers versus producers. Wouldn't it be nice if once, just once, the consumers won?
Author/Correspondent's Profile: Arthur Lipper III, Chairman, British Far East Holdings Ltd.