The United Emirates announced plans to immediately cut 2.2 million barrels a day from production to drive back up oil prices effected by the global recession.
The United Emirates announced plans to immediately cut 2.2 million barrels a day from production to drive back up oil prices effected by the global recession.
I got $100 that says as soon as gas dipped under $2/gallon people went right back to driving their 50 feet per gallon SUV's...OPEC will soon have their wish.
They've realized that american citizens anger limit on oil is about $4 something.
That's the key price. Trying to raise it anywhere up to the range is fine. No one will change their habits that much. It's only if oil rose to that magic number of $5 will people go apeshit.