Posted by
Dawnsblood on Wednesday, January 17, 2007 6:30:49 PM
Captain Ed
thinks it may be:
Noticed a drop in prices at the gas pump of late? After approaching or
even topping $3 a gallon for gasoline, the prices have steadily fallen
in recent weeks; stations here in Minnesota had it at $1.89 per gallon
over the weekend. The decline at the pump comes from an unexpected glut
in the market, and some OPEC producers had hoped to force a round of
production cuts to bolster crude prices. However, Saudi Arabia
announced today that it had 3 million bbls/day of spare capacity, and
it intends to start using it .
This will hurt Iran a lot more then it will the Saudis.