SUDDEN DECLINE IN OIL PRICES SPELLS DISASTER FOR OPEC!!

New post on Now The End Begins Sudden Decline In Oil Prices Spells Disaster For OPEC by NTEB News Desk Sun sets on OPEC dominance in new era of lower oil prices On our way home from church tonight, we stopped at the local gas station to fill up. Pleasant surprise greeted me as I saw again that the price per gallon had dropped several cents since the last time I filled up. Here is Florida, gas is around $2.71, and dropping steadily. Thats a drop of over .50 per gallon in just the last month. The reason for this is because other countries, like the United States, Russia and Israel, have recently begun to harvest massive amounts of oil and natural gas thus breaking the monopoly held by the Arab nations for so long. Don't expect the Arabs to sit idly by and watch their fortunes vanish, however. Money and greed brings out the worst in people and in countries, and that can only mean one thing. Another war. It wouldn’t be the first time that a meeting of the Organisation of Petroleum Exporting Countries (OPEC) has taken place in an atmosphere of deep division, bordering on outright hatred. In 1976, Saudi Arabia’s former oil minister Ahmed Zaki Yamani stormed out of the OPEC gathering early when other members of the cartel wouldn’t agree to the wishes of his new master, King Khaled. The 166th meeting of the group in Vienna next week is looking like it could end in a similarly acrimonious fashion with Saudi Arabia and several other members at loggerheads over what to do about falling oil prices. Whatever action OPEC agrees to take next week to halt the sharp decline in the value of crude, experts agree that one thing is clear: the world is entering into an era of lower oil prices that the group is almost powerless to change. This new energy paradigm may result in oil trading at much lower levels than the $100 (£64) per barrel that consumers have grown used to paying over the last decade and reshape the entire global economy. It could also trigger the eventual break-up of OPEC, the group of mainly Middle East producers, which due to its control of 60pc of the world’s petroleum reserves has often been accused of acting like a cartel. Read the rest of the story on Telegraph UK...