So OPEC is worried that the price of a barrel of crude oil will drop below what would have been an earth-shattering record in the minds of many just a year or two ago (but is lower than it was a month or two ago). They are worried that the price will be…merely incredibly high rather than astronomically so.
So they are decreasing oil production to maintain and “protect” the price of crude.
We are so far up the creek on energy dependence that I don’t even know what to say. I was re-reading the pros and cons of one of the propositions in this year’s election, which would increase the adoption of natural gas as a measure to reduce our reliance on foreign oil. Even though it’s a pretty blatant prop for the energy plan from T. Boone Pickens, I’m not sure that’s a bad thing unto itself. It’s still a sound plan.