Thursday, August 7, 2008

Hugo's Crystal Ball

Venezuela's Chavez welcomes lower oil prices | Markets | Reuters
BUENOS AIRES (Reuters) - Venezuelan President Hugo Chavez said on Tuesday "it's good" that oil prices have come down, saying $150 per barrel would be irrational.

The leader of OPEC member Venezuela has said several times recently that $100 per barrel is a fair price for oil.

How the heck does Hugo know what a fair price for oil is? For that matter, what's fair and for whom? He goes on to deplore speculators.

Why is it that when oil prices go up, it's the fault of speculators but when the price goes down they are not give "credit?"

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