Sunday, March 15, 2009
OPEC to keep present output
Good thing the members of OPEC decided to continue overproducing oil? In the short term it is beneficial since the price of gas will not increase to levels like it did a year ago. In the long term, it just means that we had better have things ready to go in place of oil for our cars. Despite having an abundance of the natural resource right now, if we continue to use it so frequently in our everyday activities, then future generations will not be able to consume it. What this decision by OPEC does is that it illustrates our reliance on foreigners to dictate major pieces of our economy because had OPEC gone the other way and decreased supply, our economy would have spiraled down even further.
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