Limtex"...OPEC and anyone who participated in it would be behind bars if they were to do business within the US as they do outside it."
Please don't forget that OPEC was formed with US assistance and based on the framework of the "Texas Railroad Commission" which, notwithstanding its name was given control over Texas oil and gas in 1919. In the 1930's:
"The price of oil crashed. More critically, it was felt that the natural water drive of the field was being lost. When the Railroad Commission tried to step in and cut back production, action began in the courts and, at one point, State military forces were called in to regain order. It was several years before courts and the State Legislature were able to settle on the position that the Commission had the right to prorate production...(read to control prices and with a little revisionist history)--to conserve the state's natural resources, to protect correlative rights, and prevent pollution."
Today:
"The Commission's Oil and Gas Division tracks that production and ensures that it follows allocations that are calculated each month. In addition, through its ten district offices,field inspectors visit the wells and facilities across the state to ensure compliance with Commission rules and regulations.
Americans created OPEC and it came back to haunt us. |
