>>The Saudis et al have just ordered the biggest cutback in oil production history. I think the poor oil producing folks are addicted to money. Enough is enough! It's time to use the money for Detroit to re-tool the plants for electric cars. Let's turn off the money tap that leads to Arabia.
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>>http://www.msnbc.msn.com/id/28274997/
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>OPEC doesn't have pricing power in this environment.
They chose to cut production and that will create the shortage,The shortage will drive the price up and they will reap the benefit. Driving up the price is the reason for the cut. So, we can deduce, from that information, that the 'speculators' mentioned, last time the price went through the roof, are also Saudis.