Apparently you have to actually export oil to belong to the Organization of Petroleum Exporting Countries…
The fact that Indonesia no longer qualifies should concern all of us, since there will be just 12 members left after Indonesia exits at the end of the year. The article mentions production declining while domestic consumption is rising… a perfect example of Jeffrey Brown’s Export Land Model in action. I first saw mention of Indonesia’s problems a few years ago… and now that prediction has come true.
(click on the picture to see the whole thing)
On the same business page, CNN is mentioning that oil prices keep rising even though demand is slackening… while I’ll admit that speculation has helped drive prices to where they are today, I also think it’s getting harder to ignore the fact that something else is going on here as well.
Which reminds me… I need to get a set of grocery bag panniers for my old Schwinn… no point in burning gas for a quick trip to the store anymore.