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OPEC President Vows to Fight Volatile Oil Prices

heatingoil.com -- Bloomberg reported on Wednesday that another high-profile international figure has pledged to fight excessive oil speculation, which many believe contributes to volatile prices. OPEC President Germanico Pinto of Ecuador laid out what he sees as the negative impact of volatile prices on OPEC and the oil industry: “volatility produces difficulties in the markets and in defining a long-term strategy for public investment in the oil industry.”

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Submitted Mar 10, 2010 By: EVH_1984

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cpl11787 All-Star Author Minnesota Posts:630 Points:123,275 Joined:Jan 2010	Message Posted: Mar 11, 2010 2:55:42 PM Ignore cpl11787 Report Abuse hey, maybe it will go down then... or go up because they have to pay for their fighting it.
call911ok All-Star Author Vancouver Posts:544 Points:76,340 Joined:Mar 2009	Message Posted: Mar 11, 2010 1:56:58 PM Ignore call911ok Report Abuse Yes. OPEC wants to make oil $150/barrel and cause the economy to crash again is the ultimate goal.
PDQBlues Champion Author San Diego Posts:4,706 Points:980,350 Joined:Jan 2009	Message Posted: Mar 10, 2010 10:15:55 PM Ignore PDQBlues Report Abuse Sure, any volatile pricing that brings prices down OPEC doesn't want. [Edited by: PDQBlues at 3/10/2010 10:17:05 PM EST]
OHMS Champion Author Orange County Posts:10,797 Points:1,250,520 Joined:May 2005	Message Posted: Mar 10, 2010 9:45:01 PM Ignore OHMS Report Abuse don't see how he can do that; volatile doesn't respect demand or supply; how;s he to control all at once?
alterman156 Champion Author New York Posts:5,085 Points:1,090,550 Joined:Dec 2008	Message Posted: Mar 10, 2010 7:52:33 PM Ignore alterman156 Report Abuse Interesting that the oil cartel wants to fight high oil prices.
madison8359 Champion Author Cleveland Posts:5,740 Points:1,127,740 Joined:Apr 2008	Message Posted: Mar 10, 2010 6:33:09 PM Ignore madison8359 Report Abuse And exactly what does he thing he can do? NOTHING!
fordmexico Champion Author Michigan Posts:7,533 Points:306,750 Joined:Oct 2009	Message Posted: Mar 10, 2010 4:54:52 PM Ignore fordmexico Report Abuse graceman posted posted, " Hopefully he is on our side!" Hardly. He is on the side of OPEC and its member nations. The speculators are the ones to that benefit the most from volatile prices. OPEC sets production and price targets which are somewhat adhered to by its members. When speculation increases prices OPEC often takes some of the heat but benefits little. Economic instability caused by volatile energy prices are also not in OPEC's best interests as well.
CiVX Champion Author Oakland Posts:5,711 Points:1,013,780 Joined:Feb 2009	Message Posted: Mar 10, 2010 4:44:04 PM Ignore CiVX Report Abuse Keepem consistently high.
DanMtz Champion Author Oakland Posts:1,007 Points:776,950 Joined:Oct 2009	Message Posted: Mar 10, 2010 4:36:14 PM Ignore DanMtz Report Abuse Good PR for OPEC, but little substance in his 'vow to fight'. What's he going to do?
graceman Champion Author Baltimore Posts:3,230 Points:819,140 Joined:Jun 2008	Message Posted: Mar 10, 2010 3:57:41 PM Ignore graceman Report Abuse Hopefully he is on our side!
EVH_1984 Champion Author Massachusetts Posts:1,011 Points:337,345 Joined:May 2008	Message Posted: Mar 10, 2010 3:30:36 PM Ignore EVH_1984 Report Abuse Even the OPEC president blames speculation as a main reason for high oil prices!