Saw this over the weekend: OPEC to Hold Emergency Meeting (WSJ)
Unbelievable. I don't remember them holding emergency meetings when the price of oil was comfortable sitting around $25.00 just a few short years ago. But, these guys must be getting accustomed to reaping obscene profits. And the mere moderation down to levels that are more realistic to the average consumer, is sending shudders of fears throughout the OPEC world. Really?
A little bit of reality check, OPEC: Oil has gotten to the point where substitution products are viable. You need this moderation to continue your monopoly. If not, the corn growers of Eastern Colorado are going to kick into full swing and start diluting your product with renewable energy.
Then you'll be holding Serious emergency meetings.
Related Link: Seeking Alpha's abstract of Reuters article covering the OPEC meeting.