Mental Whiplash (Oil Cartel Edition)

I remember when the major casualties of the OPEC oil cartel were Japan, the US, and Europe. I remember the oil shock, aka the oil crisis of 1973. I’m still stuck in a world in which higher oil prices are not in the short-term interests of the average US consumer, although given the effects on global warming and the need to transition away from carbon fuels, I understand that the longer-term picture is much more complicated.

Still, it creates mental whiplash when I read that the head of the US Government, some guy by the name of Donald Trump, just brokered a deal with the Saudis and the Russians, two of his favorite autocrats, to lower oil production by almost 10% in order to raise oil prices. Of course this also helps out his over-leveraged buddies in the US fracking business. It isn’t, I’m quite sure, motivated by concern for the environment.

The next election can’t come too soon.

This entry was posted in Econ & Money, Politics: International. Bookmark the permalink.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.