25 Sep '11, 1pm

OPEC's Goldilocks Price of Oil: Why has the price of oil been inching (or shooting) up for a decade?

September 25, 2011 at 8:53AM by Jim DiPeso | comment The Organization of Petroleum Exporting Countries seeks a Goldilocks price of oil - not too low, ensuring a hefty flow of dollars into cartel member treasuries - and not too high, ensuring that the cartel doesn't crash the economies of its customers and collapse demand. Came across an interesting commentary from energy economist Ferdinand Banks explaining why the Goldilocks price of oil has been moving upward since the early part of the 2000s (or the 'oughts if you like). His argument is that OPEC has taken advantage of market shifts to exert greater control over prices. According to Banks, OPEC follows a long-range strategy of producing as little oil as it can get away with. The longer cartel members can keep oil in the ground, the more oil they can save for later use in making and selling high-value petrochemicals as a...

Full article: http://www.thedailygreen.com/environmental-news/blogs/rep...

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