OPEC leaves quotas unchanged - good news only for the short-term: "OPEC chose to maintain current production quotas, arguing that better adherence to current quotas would be sufficient to support prices, which have plummeted about $100 to the $45-range in the past nine months as the global economy entered its first recession since World War II.
The bottom line regarding OPEC's weekend decision? Short-term, it's good news for U.S. consumers. Long-term, it's not as good news."
Tuesday, March 17, 2009
OPEC leaves quotas unchanged - good news only for the short-term
If the OPEC decision to not decrease production quotas is any indication, the price of gasoline for your summer driving vacation may be reasonable, unlike last summer. But what about the long-term effects of low prices? Will we be in for a big spike again in another year? Do low gas prices discourage development of low fuel consuming vehicles?
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