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|I don't think this latest round of price gouging can be laid at OPEC's feet. I am under the impression that oil is being bid and that other countries, principally China, are bidding up the price to the stratosphere. China is in the middle of a huge economic expansion and modernization and requires ever more vast quantities of oil. OPEC cannot be expected to refuse to allow the prices to rise.
when this latest surge hit a couple of years ago, ( when gas surged from $1.35/gal or so to $3.00+/gal) OPEC had discussed the raising of prices, and then thebidding war started and drove prices far beyond OPEC's stated price floor.