OPEC says oil costs too much

[Pineywoods Sam]

Apparently we can't blame OPEC for the price of gas. It would seem that the thieves and speculators on Wall Street are the cause of this problem. Those are the same people who gave us sub prime mortgages and the real estate bubble. Have they no decency ?

....Meanwhile, the world's leading producers say oil is too expensive and they plan to increase supplies.

A source at Opec said its 13 members were uncomfortable with the current price of crude, which last week hit a record $135 a barrel.

Based on present supply and demand, he said it should be fetching $60-$70 a barrel.

Saudi Arabia said it would increase production.

http://news.sky.com/skynews/article/0,,91211-1317363,00.html

[liberal N proud]

1. We are all caught up in the biggest shell game in history.

Everyone wants to blame supply and demand and Opec when the real culprits are those speculating on the commodities futures.

[opihimoimoi]

2. They see the danger of world depression or SSCD. Social System Collapse Disorder

The risk is such they wanna avoid....

[no_hypocrisy]

3. Welcome to DU.

[Liberal In Texas]

4. As Dr. Ravi Batra has said, if you want to see the price of oil drop immediately, outlaw

the commodities speculation and break up the oil companies. It's hard to believe the current administration would even consider that.

[B Calm]

6. Bingo! That would help stop the predatory capitalism in it's tracks!

[zbdent]

5. Why doesn't OPEC go to all these Republican businesses and take all their

illegal immigrant workers? I hear they'll work cheap ...