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The Reality Show on Tuesday, February 24, 2009 11:05:30 PM
Arab oil and US economy
Arab oil and the US economical crisis
In May 2007, The U.S. House of Representatives acted on what's been known for years: OPEC's price-fixing conspiracy, it voted to allow the government to sue the Organization of the Petroleum Exporting Countries for price manipulation (OPEC), With average U.S. pump prices at an all-time, inflation-adjusted high of $3.22 a gallon, the House voted 345-72 to approve the "No Oil Producing and Exporting Cartels Act of 2007," or "NOPEC.", The bill would revoke the sovereign immunity OPEC members currently enjoy from U.S. legal action and allow the Justice Department to sue them in U.S. courts. [1].
Manraaj Singh Editor Profit Hunter: 'Arab Oil Wealth To Dwarf US Economy!' [Apr 29, 2008] [2].
Walid Phares (Oct, 2008): 'OPEC manufactured the financial meltdown' [3].
Notorios businessman Donald Trump Blasted Oil Prices and OPEC July 30th, 2008 “Oil (costs) is what is killing the world’s economy,” Observers say if the U. S. would rattle its own domestic oil supply saber it would shock the market and costs would plummet. Oil experts say the U. S. could be free of Middle East imports in less than 3 years. [4], he blasted major oil producing countries for the current recession and accuses large oil companies of "doing a major number" on everyone. [5], it’s the price of oil that is to blame, OPEC and the Saudi Arabians [6], on Feb. 4, 2009: "As far as the economy is concerned, though, I'm afraid that if and when the economy does get going, you'll have OPEC raise its ugly head and come out and just raise oil prices again and kill it, because I think that OPEC had a lot to do with the failing of the world economy." [7].
US president Barack Obama in his speech on February 24, 2009 said: The fact is, our economy did not fall into decline overnight. Nor did all of our problems begin when the housing market collapsed or the stock market sank. We have known for decades that our survival depends on finding new sources of energy. Yet we import more oil today than ever before. [8].
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