Home inContext OPEC Adds to Financial Woes

OPEC Adds to Financial Woes

Michael Sharnoff

Late last week, the oil cartel announced a cut of 1.5 million barrels per day. OPEC Secretary-General Abdalla Salem El-Badri justified the move by saying, “we have to bring the prices up,” to ensure profits during a global financial slump. The move will likely exacerbate the current financial crisis that has roiled markets worldwide.

Anne Korin in the Summer 2008 issue of inFOCUS notes that Islamist OPEC giants Saudi Arabia and Iran systematically work to cripple the U.S. economy. Robert Zubrin also observes in the most recent issue that high oil prices force the U.S. to outspend its annual defense budget — more than $500 billion– on foreign oil. This means that America is funding its enemies.

The new, greedy OPEC price hike is a stark reminder that our next president must neutralize OPEC’s power by encouraging both the federal government and entrepreneurs to develop the technology needed to end our dangerous foreign oil dependency.