The foreign turmoil (especially in the Mid East) has obviously hurt many nations. But as we learn in class, those relying on oil exports are sometimes helped by the increase in oil prices. Here is evidence of this.
If you are wondering just how much OPEC is being affected by this turmoil just take a look at the members of the organization here.
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Kyree Lewis
ReplyDelete9:00-9:50 MWF
The article is very interesting. The evidence that was spoken about in class. How the economy depends on oil and the price is necessary for it to move forward. Even though many people feel the price for oil is high will result in more gas prices but that is the result of just keeping the economy a float.
Kevin Park
ReplyDelete9:00-9:50 MWF
As the article states, OPEC is on trail to make an unprecedented amount of profit due to the current high price of oil. This is immensely helping these countries GDP increase substantially. With all of this additional money, they can use it to promote public spending and overall help the countries economy.
Samantha Anderson
ReplyDeleteMWF 9-9:50
This article explained a current event situation (like the price of oil) extremely well. OPEC is absolutely making a huge amount of money. The increase in the price of oil is only making these number rise to even more astronomical rates. Though everyday people do suffer these prices are necessary to keep the economy where it needs to be.
Nicholas Camaioni
ReplyDeleteMWF 9 - 10 AM
Coming home one evening from work last week I noticed the price of gas. There are two gas stations that sit at an intersection not five miles away from my house. This results in me noticing almost on a daily basis the rise of the price of gasoline. For a while it wasn't bothering me, not until I noticed the price was coming to settle around four dollars a gallon. Almost immediately I wanted to cry out against the Speculators and OPEC for the rising price of gas.
I'm not surprised to see how much money OPEC is pulling in through the sales of Oil. I've talked to people about how they have to decide whether they are going to eat for the day or fill their car up with gasoline in order to get to work and keep their jobs. This is a travesty and a challenge we are all facing as the economy moves at a snail's pace towards recovery.
I honestly believe that the country needs to separate itself from foreign oil, and even oil as cleaner technologies become more prevalent in our automobiles and other forms of transportation. We've become far too dependent on oil and OPEC continues to reap the benefits because of this.