Conservation, cartel-style: less production, more profit
When the oil ministers of the world's least beloved cartel jet into Caracas next week for their final sock-it-to-'em meeting of the decade, there will be some important and worrisome differences from past gatherings. OPEC will be fixing prices against a backdrop of almost unprecedented global upset brought on in large part by its own actions. More than that, in its headlong rush for profits, the 13-nation cartel has been rapidly losing even the appearance of self-control over pricing and production.
As a result of OPEC's policies, worldwide inflation has been sent soaring to ever increasing heights....
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