Jeff Rubin, the former chief economist for CIBC World Markets, has an insightful piece on why the U.S. can’t rely on OPEC: Its member states that are guzzling down their own oil.
TheGlobeAndMail.com: OPEC, together with two non-cartel oil producers, Russia and Mexico, consumes 14.5 million barrels of oil per day. That’s nearly twice as much as China, in case anybody is keeping track. Oil demand among OPEC members has been growing at well over double the world average. And the more these countries consume their own oil, the less they have to export to you.
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