The Organization of Petroleum Exporting Countries (OPEC) has failed to reach an agreement to increase production in order to keep high oil prices from endangering the world's economy. The American Thinker posted an article today stating that despite the urging of Saudi Arabia, OPEC will not increase oil production. Saudi Arabia is the largest oil producer in OPEC and in the past has always be able to temper the demand for less production and higher prices from other members. Saudi influence is now lower due to the lower value of the American dollar and also due to the efforts of Venezuela and Iran, who now head up a bloc of nations hostile to the interests of western countries. These countries need oil to remain above $100 a barrel due to domestic situations.
As long as America refuses to utilize its own resources, Americans will be at the mercy of OPEC members and can expect to pay more for gasoline at the pump.
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