OPEC

The price of oil continues to fall from over a high of $140 per barrel this summer to a low price of $64 per barrel. OPEC, the Organization of Petroleum Exporting Countries, had an emergency meeting on friday to try and protect their profits. So what they decided to do was to cut Oil production to try and artificially keep the demand for Oil higher then the supply. Before this cut OPEC countries were over producing by 600,000 barrels per day. This new cut would decrease the production level by 1.2 million barrels per day. OPEC in my opinion is essentially a cartel. They are trying to control the market and keep there revenues high by cutting the supply so the demand goes up. It is essential that the United States move towards alternative energies so organisations like this cannot continue to exist.

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/10/24/international/i031722D17.DTL