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OPEC doesn't regulate the price of oil.
OPEC regulates the supply.
The price is set in the "market" by the old supply and demand thing. People buy oil futures on the mercantile exchange, then sell them at a later date, hopefully at a profit.
Oil speculators are currently driving the prices up and it feeds on itself in a way. It's the herd mentality of the stock market. People see money being made and they flock to that sector to get in on the action and drive the price even higher.
Is the price of oil artificially high right now???
I dunno. Normally, I would say yes, but with China's economy growing in leaps and bounds, they will only demand more and more oil as time goes on. Imagine if China burned up oil like North Americans.
60 bucks a barrel may be cheap in the future.
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