Thursday, May 5, 2011

Oil crashes 10 percent in record rout

http://money.msn.com/business-news/article.aspx?feed=OBR&date=20110505&id=13570430

And we should IMMEDIATELY see lower gas prices at the pump tomorrow morning to reflect this....just as fast as we see the higher prices reflect the same, at those very same pumps.....

Oh wait, that's right, that's not how it works....

Quote from article:

"Additional pressure came from news OPEC was considering raising formal output limits when it meets in June to convince oil markets it wants to bring prices down and reverse the impact of fuel inflation on economic growth."

Did OPEC just say they were actually going to do something that would HELP the economy? As in, raising the output limits that they had lowered, prior to the first meltdown?

I think they did.