The Spectacle Blog

In OPEC, A Trust?

By on 1.14.08 | 2:25PM

Gas prices jump. The middle eastern oil cartel refuses to release more barrels. You'd think that sounds like price-fixing but thanks to the clarity of a very thoughtful spokesman for OPEC, we can get our terms straight:

"OPEC are only oil producers, they are not fixing prices. They can't control the market forces," Qatari Energy Minister Abdullah al-Attiyah told reporters in Doha today. "They can't control the geopolitics. They can't control the speculation."

Technically, that's true. They're not fixing prices. They're keeping them broken. Of course they could control the geopolitics if they bothered trying, but then, why should regional powers demand Iran give up its nukes?

Oh you rascally "market forces" you. (Thanks to my brother for pointing this one out.)

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