Word: opec
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...recent weeks, Clinton has upped her populist message to drive this point home. She speaks out against the oil companies and countries that "have us over the barrel," and promises to challenge the market manipulation of OPEC. She chastises "Wall Street money brokers" and speaks of China like it was a malicious power, exporting "contaminated food, lead laced toys and polluted pharmaceuticals...
...workers in Scotland - which had earlier halted much of the North Sea's oil production and wreaked havoc with gas supplies in Scotland - won't do a nervous market any harm. But there's little sign of oil prices easing significantly in the short-term; Chakib Khelil, president of OPEC, the oil producers' cartel, admitted Monday he couldn't rule out prices hitting...
...rice price.” This surge in interest comes with cause: last week, industrial market prices for rice soared to US$1,000 a ton, up from $360 a ton at the start of 2007—a colossal leap, of proportions unheard of since the OPEC oil squeeze of the 1970s...
...Analysts don't absolve OPEC of blame for keeping prices sky-high. They have voted three times since last fall against raising production, despite direct appeals for relief to Naimi from President George W. Bush and Vice President Dick Cheney. That's partly because they fear they could some day run dry of oil, leaving future generations without the key source of Arab wealth. "It's understandable," says Fatih Birol, chief economist of the International Energy Agency, a Paris-based watchdog organization for big oil-consuming countries. "Oil-producing countries have policies not to run down their reserves." And that...
...Then, there's the question of speculation and exchange rates: Investors have poured billions into oil futures, in part because oil is priced in dollars, meaning that its price soars as the dollar sinks. "There's only so much OPEC can do, because we have no influence over those factors," says Qabazard...