Well back when oil was high priced Saudi Arabia tried not cutting production and it still went higher.OPEC in the Middle East has the cheapest oil.If they cut production its going to raise the price of their oil,but theres lots of other oil now that wasnt there in the 1970s.The Arab countries that have oil besides Saudi Arabia hate us anyway.
The best thing Ive seen on explaining the oil situation is Lindsey Williams.Just Google what he says about it.Speculators and just plain crooks ran it up,ruined the economy,not OPEC.Even if most of them hate us,to ruin us is bad for them because we are their best customer.They seem to like 50 dollars a barrel,which is way better than 150 dollars a barrel to my way of thinking.
It looks like we are being manipulated by outside forces.Energy is the economy,and it should not be on the speculator market to ruin our economy.Whatever the crooked banks did was connected,maybe to the same outside forces.There is no "Federal Reserve"that is run by the government.Its a private bank named that.Thats where the outside forces come in.Crooks,not caring what they do to our economy played oil and commodities on the stock market,banks claim to have been forced to sell real estate that was inflated over double its worth to people that couldnt pay the payments.They come to congress begging,get bailed out,now one of them is buying foreign toll roads.The whole thing is crooked.
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