OPEC and the Logic of Cartels

Recently, the Organization of Petroleum Exporting Countries (OPEC) celebrated its 50th anniversary (link). The organization was founded in 1960 with the purpose of regulating world’s oil prices and controlling the supplies of oil. Currently, OPEC controls 80 percent of world’s proven oil reserves and its 12 member states oil production capacity accounts for 40 . . . → Read More: OPEC and the Logic of Cartels

Economic Events on September 21, 2010

At 7:45 AM EDT, the weekly ICSC-Goldman Store Sales report will be released, giving an update on the health of the consumer through this analysis of retail sales.

At 8:30 AM EDT, the Housing Starts report for August will be released.  The consensus is that construction on 550,000 new homes were started last month, . . . → Read More: Economic Events on September 21, 2010