The world in a stranglehold
Reader comment on item: The Curse of Oil Wealth

Submitted by S. Immanuel (India), Jun 17, 2008 at 04:19

It is imperative that the OPEC rationalize their price mechanism and increase output to stabilize the rising price of oil. It would be a shame on the part the cash stashing OPEC nations and the insatiable oil companies to strangulate the process of development in cash starved nations. It is unfortunate that the world is held to ransom by unscrupulous profit mongering cartels and political desperados. The collective objectives of globalization are not well served in such a scenario of indiscretion. It is quite obvious and evident that more than the theories of demand and supply there are various other extraneous factors of social maladjustment that are in play contributing to oil price rise and hikes.

The world forum and governments need to investigate and address this grave issue and put pressure at the appropriate levels to stem this ever increasing tide of profit motive and political gamesmanship. It would be in the best interests of the world community if there are concerted efforts to research and develop alternate sources of energy.

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