GREED.
OPEC believed because oil is one product the United States has a foreign dependence on, it could continuously tighten the financial screws on this commodity and only effect the super power they have a love hate relationship with. They negated the fact that the United States is a major player if not the major player in world commerce. It is the big domino of all dominoes in the free market. Despite clear signs that the US was heading towards a financial crisis due to bad credit and the housing market, OPEC took this time to exacerbate the conditions through greed and just plain ole, “kicking a dog when it’s down”. OPEC’s inflated prices and reluctance to increase production became the tipping point in the global financial crisis and now they are trying to escape and limit their own exposure by cutting production. It’s too late. So much for the hate part of Love/Hate relationship, it’s the side that always comes back to haunt you.
THE DIGITAL POLITIC
http://www.digitalpolitical.com
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