Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of news that matters.

Reuters reports:

OPEC will hold an emergency meeting only if oil climbs above $100 a barrel and stays at that level, a Gulf delegate said on Thursday. A second Gulf delegate said the price strength would probably not last and customers were not asking for extra oil.

Over at NRO, Kevin Williamson gloats:

Good news for Generic Republican, who already has established himself as a legitimate contender for the White House in 2012: OPEC is not bailing us out. The oil cartel is making it known that it is cool with $100 oil and will not act unless prices move significantly higher and stay there….Oil producers have a real good to sell, one with intrinsic value. They do not want to be paid in devalued currencies. Neither do producers selling precious metals, fertilizer, farm products, etc., which is one reason why wholesale food prices are going zoom, zoom, zoom.

Please. How many times does OPEC have to play this game for guys like Williamson to catch on to the con? OPEC isn’t sitting on its hands because they don’t want to take our yucky devalued dollars. In the short term they can hedge against the dollar just like anyone else if they want to, and in the long term they can invest the surpluses in their sovereign wealth funds in any instrument they feel like. The reason for their apparently lackadaisical attitude is much simpler: they’re already pumping at near their maximum production capacity. Iraq will probably be able to produce more someday if they manage to avoid another civil war, and Saudi Arabia claims to be working on plans to increase their pumping capacity too. Target date is somewhere around 2014, I think. But right now? What you see is what you get. The only thing an OPEC meeting would produce is yet another tortured explanation about why OPEC isn’t increasing its production quotas, explanations that usually range from the hilarious to the pathetic in their effort to avoid saying the obvious: there’s no more oil to pump, so quotas are going to stay where they are no matter how much anyone wishes otherwise.

DOES IT FEEL LIKE POLITICS IS AT A BREAKING POINT?

Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

payment methods

We Recommend

Latest