OPEC doesn’t like the high prices, I am sure. But if we are at peak supply of cheap oil, that explains why the price cannot be lowered. Zeal made a case, in the link above, that the high price is independent of geopolitical uncertainty, since oil has been rising since 2004? See Zeal graph.
So you all think that in a recession, oil demand weakens and prices drop back to $50/barrel? How can people cut back on oil use? Are they going to stop driving to work? How much price reduction can you get from conservation?
