Ferdinand E. Banks

OPEC's Cuts Can't Fight Global Recession Headwinds

The large oil exporting countries have had a good run, and they expect the same experience in the future. I just hope though that they don't try to make too much of a good thing when the oil price starts up again. It's in their interest as well as the interest of the oil importing countries if we see a little cooperation between buyers and sellers. And, since ignorant busybodies like Milton Friedman are not around any more to fill the heads of our political masters with nonsense, it may be possible.

Of course, certain things have to be understood. There is a shortage of
oil in the crust of the earth, and that reality won't go away regardless of what happens to the oil price in the near or the distant future. Clearly, people like the next president of the U.S. will need their wits about them during the next decade, because at the end of that period the bad news about oil - and perhaps also gas - will be there for everybody to see.