Is Iraq’s readmission into OPEC really good news for U.S.?

[donsu]

http://www.msnbc.com/news/971754.asp

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CARTEL CAPERS
Meeting in Vienna, the Organization of Petroleum Exporting Countries made two bits of news. First, it welcomed the new Governing Council of Iraq to reoccupy the seat once held by such distinguished predecessors as Saddam Hussein. The Bush administration takes paternal pride in this development, as a father might on The Sopranos when his son becomes a “made man” of organized crime. Imagine: not even 6 months old, and already a member of OPEC!
Oil: The other Iraq war; How energy figures in the debate

Second, the members of OPEC agreed to reduce the amount of oil they offer for sale by 900,000 barrels a day. Oil prices immediately shot up by 4 percent, or $1.11 a barrel. The stock market showed its appreciation by taking a dive.

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PRICE-FIXING CONSPIRACY

As Slate’s Timothy Noah reminds us, OPEC is a conspiracy to fix prices. It is a textbook example of how to violate the Sherman Antitrust Act. As sovereign nations meeting in far-away luxury hotels, rather than American business executives exchanging furtive messages across state lines, OPEC’s members probably can’t be prosecuted. But we shouldn’t forget the true nature of the organization. And we certainly shouldn’t be legitimizing and strengthening it by nominating members.

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FINAL TAB
So, add another $25 billion or so in higher prices for natural gas, coal, and so on. We’re up to over $40 billion a year. And that’s ignoring the effects on the rest of the world — as we usually do. Despite our best efforts, Americans can’t manage to consume more than a quarter of the world’s energy.
Check pump prices in your area Put it all together, discount heavily for safety, add a dab of tendentiousness, and you can easily come up with a figure like, oh, say $87 billion a year as a modest estimate of what Iraq’s restoration to OPEC could cost. Eighty-seven billion? Why, isn’t that the amount Bush wants for Operation Iraq Et Cetera? Why, yes, it is.
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from our pocket to the bushgang's pocket - what a lovely scam