taking, leading to inflicting several wells dire harms. He cited the discovery of a giant oil field in east Texas in the early thirties of the past century as leading to an historic drop of oil prices. He said the role to control prices and not allow the supply factor to determine the price was left in the eighties for OPEC to play rather than oil producers in the States. Alnaimi said low oil prices led to a revolution in infrastructures and development in Europe and America before tending to rise. By the 1970s, it became apparent that low oil prices could no longer continue as demand was dramatically increasing and the surplus capacity was drastically diminishing. He said OPEC then realized that there is need for higher oil prices to encourage rationalization and efficiency of use. --More 23 06 Local Time 20 06 GMT
