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In China, OPEC’s nightmare comes true December 5, 2008

Posted by tkcollier in Economy & Business, Enviroment.
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Neither the incoming Obama administration, nor top planners in Beijing, will quickly forget the harsh lessons about reducing energy dependence taught in the last two years, even if prices now settle much lower.

China’s decision to raise fuel taxes will increase Saudi Arabia’s determination to stabilize prices at a much lower level than most other members of the organization are comfortable with, to try to limit the long-term damage to oil demand.

The kingdom’s worst fears about the long-term damage wrought by high and volatile prices are now being realized.

via In China, OPEC’s nightmare comes true: John Kemp | Reuters.

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