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85 comments on What should OPEC do?
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85 comments on What should OPEC do?
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Not radical at all except in the context of history. So, I guess that does make your "modest proposal" radical. But, it's been my view as well.
I also wrote a short piece on my blog a few weeks ago, suggesting that Russia simply make an announcement wrt their reserves, and production capacity, and costs, and tell the world what their floor is. A big part of the downside in price over the years has been that capacity and supply lacks transparency. So, the market historically has always wanted to price in large upside surprises to supply.
OPEC and Russia would be doing the world a huge favor to make a floor at 75.00. Shame that so few would understand it.
G
I need to read the Drumbeats more often to stay in touch. The concept that higher energy prices are good, if not essential, is a difficult one to sell. I'm sure that Nate would explain this in terms of discount rates - better to have sauce today and lets not worry about tomorrow.