Now that the economic stimulus package has been passed by Congress, the next course of action is to ensure that companies such as OPEC do not try to take advantage of the situation. Apparently, one concern would be oil price manipulation to which NOPEC or the “No Oil Exporting and Producing Cartels Act” should likewise be pushed.

“It should go hand in hand, stimulating the economy and establishing safeguards to protect us from OPEC’s manipulating the price of oil to squeeze more money out of the American consumer’s pocket,” says John W. Rich, Jr. “By cutting production OPEC can force us to spend more on oil imports turning our stimulus dollars into a direct export to their bank accounts. We need to take action to prevent OPEC from siphoning off our stimulus dollars.”

Rich believes that Congress should pass the “No Oil Exporting and Producing Cartels Act (NOPEC),” introduced last month by Senator Arlen Specter of Pennsylvania and Herb Kohl of Wisconsin. NOPEC is also supported by Pennsylvania Representative Tim Holden and Senator Bob Casey Jr. NOPEC would stipulate that OPEC’s price and production manipulation is commercial activity subject to U.S. anti-trust laws. NOPEC also clarifies that OPEC members are subject to the jurisdiction of U.S. Courts.

(Source) Press

Tags: economic stimulus package, nopec, oil imports, oil price, OPEC, opec members, price of oil, safeguards

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With oil price plunging since the latter part of 2008, the demand for hybrid cars has dwindled in numbers. As a car owner, why invest in a hybrid if you can manage the fuel prices for now? Throw in the fact that people are cutting down on spending as well and perhaps you can imagine how hybrids may become a thing of the past.

Toyota and Ford have held back their hybrid cars production. With an unreasonable demand, the last thing that these two car manufacturing giants would want is to keep a large inventory of these hybrid cars (the Toyota Prius and the Ford Escape).

So have we seen the end of hybrid cars as an alternative mode of transportation today? Unless oil prices fluctuate again or the financial crisis improves, it is unlikely we will see hybrids flourish in the economy. So don’t be surprised if these concerned car manufacturers focus on making fuel-based car models once again.

Via Business Week

Tags: car manufacturers, car models, car owner, car production, car sales, financial crisis, ford escape, fuel prices, hybrid car, hybrid cars, hybrids, oil price, oil prices, toyota prius

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