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Originally Posted by slowsnake
Ya can blame the Arabs I suppose, but the UAE only produces it, and the barrel price is set by OPEC, so who is pricing it at the local servo?
It ain't Abdul the Bul-Bul in his palace in the Middle East, the amount of people who take a bite of the apple between ground to the bowser is not computable, would break ya calculator!...  |
Latest news is the margin by refiners is as high as it's been, petrol station margins while not at the highest are above the levels seen pre-covid..and Opec's Mission statement:
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In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.
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As to what is fair well we could argue all day...if my bank thinks it's being super generous giving me 0.5% interest on my money is making 1% on oil a fair return on capital and making 10 times that by the oil industry considered fair in the current economic climate?
If Coke, Pepsi, Cadbury Schweppes and et al decided to start the Organization of Soft Drink Exporting Countries (OSDEC) how long before the world governments smashed that down...