Why did the OPEC increase the cost of oil?

Question

and what effect did the increase in the cost of oil have on each of Eastern and Western Canada?

Answer 1

America's dollar is being devalued big time, this is what is controlling oil prices. This is effecting the whole world economy.

Answer 2

Okay, most of our oil comes from the middle east. That is who we are at war with right now. Well, we use to have to pay for that oil. But ever since the government came up with a diabolical scheme to make people believe that we were under terrorist attack (when the us flew their own planes into the two towers). The truth it, it was Americas way of diverting our attention to the Middle East. After a very short while, they just practically gave up on finding Bin Laden, because he doesn't exist. Kind of hard to find someone that isn't there....Anyway, d**k Cheney is out there now (Halliburton) and they are building oil pipelines from there all the way to America. Now even though we are getting so much oil for free now, instead of the price on oil & gas going down, the money made and saved from the oil they now get for free is being used to pay off the multi-trillion dollar debt that America is in.

So the Answer to your question is: The Oil Prices Have Raised Due To Debt Related Issues.

Answer 3

OPEC does not control the price of oil

Answer 4

OPEC does not control the price of oil.  The world market controls it.

Answer 5

The retarded US of A controls oil prices. The stupid US govt is madly printing out massive amounts of worthless liquidity out of nowhere at the mint.

Answer 6

Money.

We are made to feel a slight feeling of panic and to stop spending and start saving. the banks can then start their laundering schemes again and 'everyone' is happy.

Answer 7

OPEC increased the oil prices because there is a huge demand for it. Our society is completely dependant on oil so what ever they charge we will pay. As for Canada, well the oil prices affected all of North America no just Canada.

In the future try not to be so ignorant. =]

Answer 8

OPEC does not set the price of oil. OPEC restricts the supply of oil, which drives up the price. This makes the oil from Canada's oil sands worth much more money.

Answer 9

OPEC does not control the price of oil, silly goose.

Answer 10

Actually OPEC did not increase the price of oil.......at least not directly

OPEC has maintained the same production levels for the last 6-8 years.... unfortunately the demand for oil in that time frame has tripled

Constant Supply + Increased Demand= Increased Costs

So by doing NOTHING....OPEC indirectly increased the cost of oil.....just like indirectly the increased demands of countries like China and India have indirectly increased the price of oil

Why has OPEC not increased production to meet demand?..... Probably several reasons including simple greed and fear of depleting their oil reserves..... after all for many of those countries this is their ONLY source of revenue