The Saudi project, part two Oil is back over $60 a barrel. Is the market returning to normal?

The Economist ^ | Feb 21st 2015 | The Economist

[mac_truck]

I don’t know anyone who thinks that American sanctions haven’t had a serious negative impact on Iran’s economy... including the Iranians themselves.

But you never answered the question I asked about whether you supported them or not...you know...as a ‘guy with a background in economics and finance and as a conservative’.

Do you support sanctions on Iran...yes or no?

[wayoverontheright]

-They are not market makers. They are unable at the present time to be anything but a market taker.

Thank you. Yes. This is what most do not understand. OPEC has not been an effective cartel for many years now. There is far more power ascribed to them than they actually possess.

The outlook is bright for consumers, as opposed to the producers, worldwide, who will suffer in some way, but very little in my opinion, compared to how much world consumers, and whole economies, will benefit.

OPEC is dead.

Killed by private property laws in the US of A. Ironic that is, No? These wells in the US were licensed, on private property, and there was nothing the Obama administration could do about it.