Friday, October 24, 2008

Oil is not Funny

CNBC is interviewing OPEC Ministers as they exit the meeting wherein they agreed to cut oil production by 1.5 million barrels per day.

It's funny how they try to keep up the charade that they control the price of oil. They control supply but not demand - and only for the physical product. The do not control supply or demand for the futures contract, as we saw in spades over the last year or so.

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