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OPEC squeeze.


Skyrocketing gasoline prices cited in the March 8 story, "No Relief in Sight--Supply Cited in Gas Cost, but Dilemma Is Demand," are primarily due to the success of the OPEC OPEC: see Organization of Petroleum Exporting Countries.
OPEC
 in full Organization of the Petroleum Exporting Countries

Multinational organization established in 1960 to coordinate the petroleum production and export policies of its
 oil cartel Noun 1. oil cartel - a cartel of companies or nations formed to control the production and distribution of oil
OPEC, Organization of Petroleum-Exporting Countries - an organization of countries formed in 1961 to agree on a common policy for the production and sale
 in squeezing off production.

Tens of billions of dollars are leaving the American economy and ending up in the hands of dubious Persian Gulf Persian Gulf, arm of the Arabian Sea, 90,000 sq mi (233,100 sq km), between the Arabian peninsula and Iran, extending c.600 mi (970 km) from the Shatt al Arab delta to the Strait of Hormuz, which links it with the Gulf of Oman.  regimes and others.

Incredible as it sounds, the U.S. government is actively supporting the Organization of the Petroleum Exporting Countries. Iraq is a member of OPEC. The Bush administration should immediately take Iraq out of OPEC. After all, cartels and monopolies are illegal under American law and violate all principles of free enterprise.

Carl Olson

Chairman

State Department Watch, Woodland Hills

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Title Annotation:Letters
Author:Olson, Carl
Publication:Los Angeles Business Journal
Article Type:Letter to the Editor
Date:Mar 15, 2004
Words:173
Previous Article:Supersizes downsized, but appetites still amok.(Commentary)(large food portions)
Next Article:No relief in sight: supply cited in gas cost, but dilemma is demand.



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