OPEC falls for it

As unlikely as it seems, somebody believed President Bush when he said in Tuesday night's State of the Union address that he intends to reduce America's dependence on Middle East oil by 75 percent in twenty years.

OPEC bought it.

The Financial Times reported Wednesday that Edmund Daukoru, Nigeria's energy minister and the current president of OPEC, said the president's proposal could scare investors away from the Middle East, just when investment is badly needed in Gulf oil production and refining facilities.

Daukoru said OPEC will complain about the Bush proposal in its January bulletin next week. "We do believe that energy issues cannot be handled in a unilateral way," he sniffed.

Well, we've learned something here. If you ever have the opportunity to play poker with a Nigerian, don't pass it up.

Copyright 2006

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