Here Comes the Glut

How low can oil go? Further:

OPEC met on Nov. 27 and declined to cut production despite a slide in prices, marking a shift in strategy towards defending market share rather than supporting prices.

“As a policy for OPEC, and I convinced OPEC of this, even Mr al-Badri (the OPEC Secretary General) is now convinced, it is not in the interest of OPEC producers to cut their production, whatever the price is,” Naimi was quoted by MEES as saying.

“Whether it goes down to $20, $40, $50, $60, it is irrelevant,” he said.

I used to drive a ’77 Mercedes SL which got 10 in the city and 14 on the highway — when I wasn’t goosing it up over 100 when the lanes were clear. Right now I’m thinking seriously about buying another one just like it.