soon after the tragic attacks on our institutions on September 11, as everyone knows, our economy began to sink, to plummet to depths that we could not have foreseen. While we were struggling to right our ship, as it were, the OPEC nations decided, before the end of the year, before the end of 2001, to cut oil production, which would have the natural consequence of rising prices at the gas pump here in the United States and elsewhere. This was an insult added to injury to have our former allies, like Saudi Arabia and Kuwait who are part of OPEC, to make certain that prices would rise at the gas pump in the midst of an economy that was being severely hurt by what had happened at the World Trade Center and at the Pentagon and in Pennsylvania. Imagine my surprise then when, we all know that OPEC has to depend on the non-OPEC nations to go along with their guidelines, their decisions on oil production and pricing, et cetera; imagine my surprise, my pleasant surprise when I learned that Mexico, for instance, was not going to join with OPEC in this drastic decision that they made.
Editor's note · Context
Discussing the economic impact of OPEC's oil production cuts after the September 11 attacks.
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