How ironic that what could turn out to be the seminal OPEC meeting of all time should be scheduled for September 11. Depending on the outcome, the oil age might continue merrily along for another few years or might undergo radical change before the year is out.
Let’s review the bidding. Last summer, the specter of more hurricanes and the possibility the fighting in Lebanon would turn into a major Mid-East war sent oil prices beyond $75 a barrel. While this did not particularly bother the rich countries who could make or borrow enough money to pay the price, it cut into oil purchases by poorer countries that simply could no longer afford the higher costs.
