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| u235, medical headlines, rhinestone cowboy, fatten easily, robert oppenheimer, cgs, 0312969376, team fat, denver broncos, fat, news, fitzgerald theater, strategy, ray pride, the lives of the cowboys, | (For the record: Venezuela, Nigeria, Algeria, Libya, Iraq, Iran, Saudi nuclear age history Arabia, Kuwait, Qatar, Abu Dhabi, Indonesia). It's not the nastiest collection of governments in the world, but it is not nuclear age history the Lutheran World Federation either. OPEC was created in 1960 in response to a major price cut imposed upon oil-producing countries by the major Western oil companies, which at the time controlled most aspects of this business, from upstream production, to shipping, to refining, distribution and retail marketing. In theory, the majors accepted government ownership of sub-surface mineral rights (outside of Anglo-American common law, nuclear age history as I understand it, most legal systems state that subsurface minerals rights are owned by the state, regardless of who owns the land) but acted as if their concessions were their private property. |
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| Sellers like to make sure they get a cut if that $38 per barrel oil is suddenly worth $40 when it arrives. Sharing part ray pride of that cut is the price of doing business with a reliable, low-cost supplier. Some producers, like Mexico and Saudi Arabia, do not sell their crude on international spot or futures markets, but instead work very closely with buyers and every month announce the prices of their different ray pride benchmark crude grades in a process ray pride called nominations. Saudi Arabia, for example, has worked very hard over the years to prevent any kind of spot trade in its crude (through contractual arrangements that prevent resale or diversion of cargoes to alternative destinations) and has historically discounted the prices of all its crude grades to US buyers with refineries on the US East and Gulf coasts, as part an informal arrangement with American governments going back a long, long way. THE EVIL EMPIRE? Which brings us to the matter of OPEC, the Organization of Oil Producing and Exporting Countries, the evil cartel I'm certain every American has cursed a time or two. |
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