Virtually the same day that Exxon announced their gangbuster record earnings of $11.66 billion the New York Times ("Exxon sets profit record..." 2/2/08) reported that the Organization of Petroleum Exporting Countries (OPEC), having held production levels fast this month, signaled it would be ready to cut production when it meets next month to make up for a seasonal slowdown. "OPEC's actions mean the cartel is determined to keep prices from falling below $80."
Clearly OPEC is Exxon's greatest ally. It...
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