Via the New York Times:
Oil prices jumped as much as 2.5 percent today amid speculation that OPEC was considering cutting its production to stem the recent steep decline in oil prices.All that good feeling about the economy (well, what little good feeling there was) just went out the window.
The decision is still being discussed by oil ministers from the 11 members of the Organization of Petroleum Exporting Countries, which are considering whether to hold an emergency meeting in coming weeks, an OPEC delegate said today.
Some news organizations, including The Financial Times and Reuters, citing unidentified OPEC delegates, said the organization planned to curb production by one million barrels a day, a reduction of nearly 4 percent from its current level of 27.6 million barrels. Most of the cut would come from by Saudi Arabia, although most other OPEC members would also pare their output.
Gas prices going up just as November 7th approaches and home heating season starts is not a GOP dream scenario.
OPEC Gas Prices Republicans 2006 Elections