Have Bush's oil-producing sheik pals (such as remain, anyway) abandoned him?
OPEC just (informally, so far) approved the first oil supply cut in 2 years. Reuters has it here, as of 16 minutes ago.
OPEC is expected to make formal on Monday a deal to remove 1 million barrels a day of crude from oversupplied markets, an OPEC source said, as ministers lined up to support the cut.
Will this signify anything for the Republicans in Nov? Will gas prices stop dropping immediately?
OPEC last changed its ceiling in July 2005 with a 500,000 bpd increase in response to rising demand from China and the United States and a seemingly relentless rise in oil prices.
OPEC's plan to cut supply has disappointed the United States despite the high stocks cushion. White House economic adviser Al Hubbard said President George W. Bush was not happy with oil prices near $59 a barrel.
I'm not an economist, I just thought this information shouldn't get lost in the Foley shuffle.