OPEC Misses an opportunity for Public Relations

With economies in complete disorder on a global scale, one of the few bright spots was the massive correction in oil. It 's been widely speculated that oil was a bubble and that speculation became a reality with crude oil falling below 50% off its July 11 high of $ 147.27. The downward pressure came from the demand side of the equation as elusive global economies are using less oil and short-term outlook continues to point to falling demand. The last 12 months has never seen a bright light on the chuck that the oil-producing nations have had on the major countries of the world. This has brought much-needed discussion on the future of energy and what needs to be put in place for alternative energy to replace fossil fuels in the long term.

This investment has helped fuel an industry struggling alternative energy and alternative investment has taken this into the mainstream. OPEC has always been seen as the villain, but with record gas prices have become a single source of pain for most of the western world anxiety. With a virtually unlimited source of money, you might think that OPEC should take a public relations firm to help them with their image. I'm sure they do not deem it necessary because OPEC feels as if they were untouchable, taking the good that everyone's needs. So, what do they do in the worst financial crisis in history? They cut production to try to raise prices.

Nothing like adding fuel to the economic hell that is in place and give people yet again, another symbol to indicate their distress. So, in my opinion OPEC lost one of their greatest opportunities for PR on record. What If OPEC came out and said that they understand the economic situation at hand, and feel it is their duty as an organization that sells a significant contribution in the global economy to play their part in maintaining low oil aide to help recovery. In this way, would allow OPEC to have something new in your pocket the next time you cut production to raise prices, a little 'moral high ground. This would allow them to classify themselves as a responsible member of world community, and one that is fair and equitable.

I do not think are fair and just? Absolutely not, the libel is justified and should have been broken years ago, when buying decisions of oil were no longer available. However, this is the perfect example of what good public relations, transforming a portion of self-organization like OPEC in a humanitarian organization. Public image may not seem so important to OPEC, while they are in control, but if they continue to push the sleeping giant that might not like what happens when you wake up!

Copyright: Dominic Mazzone, Regent Global Funds, 2008 ......