You didn't really think OPEC was going to pack up its supercar fleet and shut down the holiday mansions while $1.55 gasoline -- and that's in California -- ruled the day, did you? Oh no. OPEC hasn't merely cut production, it gutted production by the never-before-seen amount of 2.2 million barrels per day. As for the market, surprised as it might have been, fazed it wasn't: oil sank to $40.20/barrel immediately after Khelil's announcement. Those are 2004 prices, which means - as far as oil's concerned - we're living Back to the Future.
[Source: MSNBC via Truckblog, photo by XcBiker | CC 2.0]
Continue reading Gas too cheap: OPEC approves largest output cut ever
Gas too cheap: OPEC approves largest output cut ever originally appeared on Autoblog on Wed, 17 Dec 2008 16:30:00 EST. Please see our terms for use of feeds.
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