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Cutter wrote on Dec 11, 2014, 11:15:
No, the reason OPEC didn't cut production is because foreign oil production has been increasing - fracking, etc.- and had they cut production then other markets would have picked up the slack leaving them out in the cold. So it's better for them to depress prices in the short term, as they're playing this as the long game. Do not doubt those prices will increase again, and sooner rather than later.
Even now, gas finally broke less than a buck a liter here - currently the cheapest at Costco at 94.4 cents - and while that's super and all, fact is we're still getting screwed on the price. It should really be about 35 cents a liter.