The Organization of the Petroleum Exporting Countries (OPEC), the oil cartel, has been under increased financial pressure as result of sub $50 per barrel rates. Many commentators have been speculating the group is not long for this world, but are rumors of OPEC's death exaggerated? Will OPEC decide to get back in the price-stabilizing game like in the downturn of 2008 or is it sitting this one out until others feel its pain?
The book, "The Power Surge: Energy, Opportunity and the Battle for America's Future" speculated that a glut could be coming to the oil market back in 2013. In addition, it's guesses on how OPEC might react are slowly being realized.
Guest:
- Michael Levi, David M. Rubenstein Senior Fellow for Energy and the Environment, and author of the book "The Power Surge."
What We're Reading:
- The Brookings Institution: The End of OPEC as We Have Known It is Here
- The New York Times: Behind Drop in Oil Prices, Washington's Hand
