Friday, October 24, 2008

OPEC has to cut the supplys of oil. It is appropriate and necessary. (video)

The answer to enegy costs is NOT finding more carbon based fuels, its giving them up and using 'natural' forms of energy such as wind and solar.


...OPEC President Chakib Khelil said because Opec members produce about 300,000 barrels a day more than the official quota of close to 29 million barrels, the total reduction by the end of the year would be about 1.8 million barrels a day.
Mr Khelil rejected the suggestion that the decision would hurt the global economy.
"There's not going to be any impact on inflation, there's not going to be any impact on growth."
Opec oil ministers said that they would review their decision at their next meeting in December, leaving open the possibility of further cuts beforehand if necessary....