If the US government is counting on help from OPEC, the can forget it. The current Administration has gone to the desert on hand and knee and begged for an increase in production is the hope of pushing prices below $100 a barrel. High gas costs are helping fuel a sharp economic downturn.
According to Bloomberg "OPEC has no plans to hold an extraordinary meeting before September because oil supplies are sufficient,the group’s secretary general said in Tehran."
The member nations of the cartel are making hundreds of billion of extra dollars on the amount which the price of crude has increased over the last year. They may be reluctant to give up that extra cash.
A friend in need is a friend indeed.
Douglas A. McIntyre
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