An OPEC summit ended on Sunday in sharp political division over whether to take action over the weak dollar, as heads of state vowed to keep providing Western consumers with an 'adequate' supply of oil. A fall in the value of the U.S. dollar on global markets helped fuel oil's rally to a record $98.62 on Nov 7 — causing Western consumer nations to call for more OPEC supplies to cool prices — but it has also eroded the purchasing power of OPEC members. The final statement of the oil cartel's summit in Riyadh did not include any reference to the dollar's predicament, in an apparent victory for U.S.-allied moderates led by Saudi Arabia. (New York Times, Monday)
When will Americans see that the culprit is not OPEC but the Fed?
FEE Timely Classic
How Much Money? by Bettina Bien Greaves