I was reading a press release from an Iraqi official that says $100 a barrel is a “fair and acceptable” price for the product.

Correct me if I’m wrong, but doesn’t the market dictate the “fair and acceptable” value for the product rather than some jackass who can likely swim in his cache of riches every day like Scrooge McDuck?

Several years ago, oil prices were far less than they are now. Granted, inflation’s taken its toll on the American dollar and other currencies around the world, but as far as America is concerned not all of the oil we use comes from American sources. So when the economy goes south we still have to pay whatever prices OPEC feels are “fair and acceptable” but instead of that cash going to local economies, it goes into the piggy banks of rich oil-producing countries.

Now there’s talk of possibly yet another economic stimulus rebate for Americans. Why not simply force down oil prices? It’s not exactly like The Invisible Hand is going to be working when OPEC artificially creates a price hike by stemming oil production and choking out the rest of the world. At least with cheaper gas prices, the average person (who basically cannot live without gasoline at this point) will have more money to spend in other areas of the economy rather than simply giving half their paychecks to some tiny country who doesn’t seem to help out on the world stage anyway.