OPEC will not increase production

[JimH52]

The President of OPEC came out today and said that based on fundamentals, oil should be at $70. Its higher, he claims, because of speculation, dollar depreciation and geo-political tensions.

I have no idea if he is merely covering his derriere since OPEC are liars, as are all cartels, but at least some of the price is due to speculation.

Most of the inflated price is due to speculation. If OPEC meets and ups production, will it help? I doubt it...

 

[Paulie]

Each time DC sends out incentive checks the huge deficit increases more...DUH!... the dollar shrinks and crude oil increases.

It's an election year bribe, is what it is.

How adding another $100B to the system in the hopes that we'll all spend it on junk is supposed to help us is beyond me.

We'll pay yet even more for gas because of that stimulus, you mark my words.

Because:

the dollar shrinks and crude oil increases

And more people are realizing it everyday.

If only our presidential nominees had the balls to admit it to us.