Crude Saga

The crude Saga continues with the price reaching the $117,60 a barrel...due to OPEP speculation and greed ... All OPEC members have shown that the only real value they worry about are the ever higher profits..
But this situation has its days numbered as alternative energy sources are introduced and other crude fields are discovered, as the Tupi and sugar fields...
As and when the bubble bursts the first to feel the consequences will be the crude producers, oil companies and automobile makers, however if this trend of high prices continue, there will be a decline of 27% on the demand of crude by the end of June..this will include India and China as the demand for Diesel in Asia declines as the begining of the farming season comes to a close...
At 9h27 the West Texas Intermediate for delivery in June rose to a new high of $117,60 a barrel...at the same time Brent crude for delivery in June rose to a new high of $114,65 a barrel... the highest since futures began trading in 1983...
The latest request for a production increase from OPEC came from Japan and England, this request was also placed to OPEC a couple of weeks back by the US government, but so far OPEC preferred to speculate and ignore present world economic situation...

In a visit to Kuwait the now OPEC President Chakib Khelil said that a production increase would not have a impact on prices as there is sufficient crude available in the market...its quite clear this statement is pure speculation and only favors members of the cartel who see their profits grow bigger by the day!!!
Some members of OPEC that continuously inflate world tensions may be the first to suffer the decline in crude demand
and the first to see their already poor economies enter a severe recession, as new energy sources are used to replace the "black gold"...