OPEC has a total of 13 member countries with 9 of them also belonging to the World Trade Organization.
11 U.S. Senators are now pushing Bush to file a complaint with the WTO, against 8 members of OPEC who also belong to the WTO, accusing them of breaking trade rules by colluding to keep global oil supplies down.
Which will keep gas prices up and continue to hurt the U.S. economy and it's people.
Who are these 8 members of OPEC?
Angola,
Ecuador,
Nigeria,
Saudi Arabia,
Venezuela,
Kuwait,
Qatar
United Arab Emirates.
For some reason Indonesia, who IS also a member of OPEC and the WTO, is not listed in the Senators complaint.
Anyway the Senators also maintain that "the very existence of OPEC" violates the GATT trade agreement which prohibits nations from setting quotas or imposing other restrictions on exports.
A statement from the Senators read..."These eight countries operating as an illegal cartel have refused to increase production, reduced the supply of oil on the market and driven up the gas prices that consumers pay at the pump."
The OPEC members for many years now have gathered periodically to establish production quotas.
Despite the current surge in oil prices, (well over $130 a barrel) and the growing global demand, OPEC members as a group have refused to boost production.
All of the 13 OPEC members are fucking us but only these 8 also belong to the WTO and are therefore subject to the WTO rules!!!
The 4 other OPEC members who do NOT also belong to the WTO are......
Iraq,
Iran.
Algeria,
Libya.
These 13 nations are bringing down the world's economy, not just Americas, and we are just sitting by and letting it happen.
If OPEC only accounts for 40% of the world's oil production...then maybe we should deal with the other 60% and fuck OPEC off all together!!!
Here are some oh so fun facts about OPEC.........
(OPEC) earned $673 billion in net oil export revenues in 2007, a 10% increase from 2006.
Saudi Arabia, of course, earned the largest share of these earnings, $194 billion, representing 29% of total OPEC revenues.
Through May of this year, OPEC had earned an estimated $423 billion in net oil export earnings.
Based on projections for the rest of the year OPEC net oil export revenues could be
$1,178 billion in 2008
and $1,214 billion in 2009.
WOW!!!!! keeping the global supply down works well for them doesn't it!
4 comments:
We have to do something about this shit!!! It is getting way out of hand!!!
Yeah I agree, it is completely out of hand.
Almost to the point of un-fixable.
and yet the democrats continue to demonize oil companies, who make a lousy 8-9 cents profit on each barrel, as opposed to the 14 cents plus that the government takes on each barrel.
I find it funny now here we are in OCT 2008 and NOW OPEC wants to have a FKN emergency meeting....now that OIL has dropped to low for their liking....LMFAO I know oil is still on the high side and the economy is sucking.....but I find it funny they like to help them selves but not to help earlier when it was climbing.....DROWN IN YOUR OIL YOU RAGHEAD MOFOS!!!
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