Oil's steep drop leads OPEC to call meeting

Denver Post- October 10, 2008
It is quite interesting how record high oil prices which were comfortably supporting OPEC has lead to massive recessions around the world. And now that oil is dropping below $100 a barrel OPEC recognizes that they are beginning to experience a recession. The goal of the meeting is to coordinate a rise in oil prices by reducing oil production, supply and demand. The problem with a coordinated effort to fluctuate the oil price is that we may face an oil shortage again like the 70's. Two to three weeks ago the south was facing massive shortages because of storms and pipeline diversions. It will certainly be exciting when we have shortages again.

http://www.denverpost.com/headlines/ci_10682441