The oil sheiks are pissing themselves as the price of oil drops below $70 per barrel this week......
Opec on Thursday brought forward to next week an emergency meeting to consider a cut in production after oil prices dropped to less than $70 a barrel for the first time in more than a year on worries about a global recession.
The move coincided with fresh calls from those countries within the oil producing cartel that are heavily dependent on oil revenues for their budgets – most notably Iran, the organisation’s perennial hawk – to cut output. Ecuador and Qatar also supported slashing production.
Even Saudi Arabia, the cartel’s most powerful member, which initially opposed the 500,000 barrel a day cut, appears to be in agreement that the group needs to reduce its production.
This is what happens when demand for something goes down, as it dramatically has for gas. You start to see gluts in the supply and they have to lower prices to get people to start buying it again. As satisfying as it is to see the Arabs beside themselves with angst, hopefully American, and worldwide, demand for gasoline will remain low. Hopefully we'll not forget what it's like to be paying $4.00 a gallon.
Still, isn't it fun to watch them panic over our refusal to keep demading their oil?