OPEC Gives U.S. The Rasberry

July 29, 2007 by Douglas A. McIntyre

According to Iran’s oil minister, OPEC nations have to intention of raising output despite a price per barrel that is now running about $77.

His comments are not good news for the US economy or the stock market. As energy prices have increased companies in industries from airlines to retail have seen pressure on their shares. That is not likely to continue.

Recent studies by two think tanks indicate that demand for petroleum will continue to move up sharply.

It would appear that OPEC doesn’t care about that.

Douglas A. McIntyre

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