YOUR BUBBLE HAS WELL AND TRULY BURST...:

OPEC to cut oil output, but price drops (Richard C. Gross, 12/17/08, THE WASHINGTON TIMES)

OPEC announced Wednesday that it will cut oil production by a record 2.2 million barrels a day beginning Jan. 1 in hopes of boosting prices, but the cost of oil plunged immediately to its lowest level in more than four years.

Traders on the New York Mercantile Exchange seemed unfazed by the announcement, which had been expected, as U.S. crude oil prices for January delivery dropped $3.54 to $40.06 a barrel.

It marked the lowest price since July 13, 2004, when the cost of oil was $39.44 a barrel.

...when the price falls even on theoretically inflationary news.

Posted by Orrin Judd at December 17, 2008 9:07 PM