Arab oil and the global economical crisis From the book 'Middle East Annual Review'‎ (1975) - Page 141 by Economist Intelligence Unit (Great Britain), Michael Field - Business & Economics: "The OPEC oil-price revolution of 1973-4 was mainly to blame for the present plight of developing countries and for the world recession". [1]. In Jun. 25, 1979 there were efforts of 'Teaming Up Against OPEC' by Jimmy Carter and the leaders of Western Europe, Canada and Japan, to prevent financial severity around the world [2]. Business week magazine March 25, 2002 Oil prices appear to be headed higher in coming months, which could strike a blow to the struggling global economy. Blame OPEC, which is expected to leave its output unchanged [3]. In May 2007, The U.S. House of Representatives acted on what's been known for years: OPEC's price-fixing conspiracy, it voted to allow the government to sue the Organization of the Petroleum Exporting Countries for price manipulation (OPEC), With average U.S. pump prices at an all-time, inflation-adjusted high of $3.22 a gallon, the House voted 345-72 to approve the "No Oil Producing and Exporting Cartels Act of 2007," or "NOPEC. ", The bill would revoke the sovereign immunity OPEC members currently enjoy from U.S. legal action and allow the Justice Department to sue them in U.S. courts. [4]. Jim Jubak in Sep. 18, 2007 blamed OPEC for higher oil prices and said: heading off an economic slowdown has been a fundamental part of OPEC policy[5]. Manraaj Singh Editor Profit Hunter: 'Arab Oil Wealth To Dwarf US Economy!' [Apr 29, 2008] [6]. Walid Phares (Oct, 2008): 'OPEC manufactured the financial meltdown' [7] and asks: 'OPEC War against America’s Economic Independence?' [8]. Notorios businessman Donald Trump Blasted Oil Prices and OPEC July 30th, 2008 “Oil (costs) is what is killing the world’s economy,” Observers say if the U. S. would rattle its own domestic oil supply saber it would shock the market and costs would plummet. Oil experts say the U. S. could be free of Middle East imports in less than 3 years. [9], he blasted major oil producing countries for the current recession and accuses large oil companies of "doing a major number" on everyone. [10], it’s the price of oil that is to blame, OPEC and the Saudi Arabians [11], on Feb. 4, 2009: "As far as the economy is concerned, though, I'm afraid that if and when the economy does get going, you'll have OPEC raise its ugly head and come out and just raise oil prices again and kill it, because I think that OPEC had a lot to do with the failing of the world economy." [12]. CIBC economist: 'Oil price runup to blame for global economic turmoil' (November 03, 2008) [13]. US president Barack Obama in his speech on February 24, 2009 said: The fact is, our economy did not fall into decline overnight. Nor did all of our problems begin when the housing market collapsed or the stock market sank. We have known for decades that our survival depends on finding new sources of energy. Yet we import more oil today than ever before. [14].
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