Follow the Money II

Update to an earlier post:

OPEC sought to strengthen its grip on world oil markets today with a surprise announcement that it was cutting its production, in an aggressive display of its desire to maintain oil prices at their highest level in two decades.

The formal output cut by the Organization of Petroleum Exporting Countries would remove one million barrels a day from the market starting in April and lower the group’s production to 23.5 million barrels a day. OPEC members also called for stricter adherence to their own output quotas in an effort to cut another 1.5 million barrels a day from overproduction.

That roadtrip next summer just got more expensive.