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| big, criticality accident, hobby photography, manual, fatmanblocks 2, drama, strategy, 0571116191, travel bugs, rabbit pearl, james eckhouse, video game, politics and government, j. robert oppenheimer, biographies, | Consuming nations themselves hold a lot of power too; we are not simply victims of the producers we like to think we are. After the 1973 oil embargo, non-OPEC production expanded rapidly, responding to higher prices that made higher-cost production economically viable. Consumers can change their buying patterns, like the gasoline-to-diesel switch going on in Europe behind the scenes (prompted by government action). Or they can conserve. Or they behind the scenes can stick an aircraft carrier battlegroup offshore a producing country and threaten it with mayhem and disaster if it doesn't behave. There are all kinds of ways for consumers to influence contract terms. behind the scenes This is why even today's price hawks like Venezuela and Iran are seeking successful and stable long-term markets for their crude oil. |
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| And you're helping out Hugo Chavez's politics and government "Bolivarian Revolution" too. Olé! politics and government OPEC's power has also been pretty thoroughly cut by the large number of non-OPEC producers, like Russia, Norway, Mexico, Canada, and up-and-coming producers like Brazil and Equatorial Guinea. Today, OPEC only produces about 30 million barrels per day, politics and government less than half of the 80 million barrels consumed every day. The organization has very little "spare capacity" – the ability to rapidly increase production to make up for any unexpected shortfalls – outside Saudi Arabia and Abu Dhabi. For the last year at least, virtually every nation that can produce crude oil has been producing flat out. Which left markets very uneasy. In the event of another significant crisis – say, a US attack on Iran or collapse of the Saudi government – the price of crude oil would skyrocket. |
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