Just to quote some of it:
But Fatih Birol, chief economist at the International Energy Agency (IEA), says Opec's laissez-faire policy is "myopic". In the long run, it will lose market share, he says, because higher prices will lead to lower consumption as oil is used more efficiently and as more non-Opec producers are encouraged to pump more oil. "It's better to have medium prices and higher production than high prices and see their market share decline to non-Opec producers."
I learned a lot from this article. The only question I have is what is Americans part in all of this, and what are our current leaders ideas for dealing with these problems. If Iraq part of that plan, what about Israel?