NEW YORK (Reuters) - A sharp rally in oil prices to near-record peaks stalled on Friday after OPEC-member Nigeria said the cartel may agree later this month to raise output to cool the red-hot market. Nigeria's presidential advisor on petroleum, Edmund Daukoru, told Reuters in an interview that members were eager to prevent high prices from damaging world economic growth and could agree to raise quotas or relax compliance. "I can see two potential outcomes: that discipline would be relaxed so everybody could really do close to their available potential, except Saudi Arabia. We may, on the other hand, take a definite increase in production, in quota," Daukoru said.
Now this is so terribly emblematic of the crucial issues facing the planet today. A staff writer for Reuters chooses the terms: rally, near-record peaks, red-hot market, to portray the impact of increased oil prices. Is this the US position, that high oil prices are good for this country??? I certainly do not think so. A surge in oil prices to new highs was relieved after Nigeria suggested that raising output would ease the pressure on energy prices around the world. Doesn't that sound better? But no, this is about profit and big dollars and showing the stock market as being wise and good. Why? Because what other entity is trying to convince the US population to remove two trillion dollars of guaranteed funds from protected bonds and place those dollars into fragile, volatile dangerous markets where percents are taken immediately as fees just to do the investing.
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