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I have seen the 60 minutes OPEC story most of it is shady at best to make them look like good guys. They have cut back supply several times but prices keep dropping because they are still supplying too much. Say speculators tomorrow said that at a million barrels a day it would trade for 300 dollars and at the same time OPEC said they would up supply by 5 millions barrels a day what would the price do? Go down of course. And as far as their brake even price is more like 35 bucks a barrel. The oil industry survived for a very long time with the prices between 30 and 50. They would be doing quite well at 55 a barrel. OPEC could single-handedly ruin the US if it felt like it but then they would have nobody to sell their oil to. So right now that are just positioning and playing around so people don't get too made at them.
Don't worry Dragon I know you aren't attacking me. This is just a subject that I get alittle touchy on. My dad has been in the oil industry since '77 so I have alittle bit more knowledge then the average person and I hate to see people blame "big oil" based solely on what 60 minutes says.
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