Arabs cut oil production

Price of oil has dropped to its lowest level in 19 months. Warm weather is blamed for the price drop. Where I live the normal temperature is 20 degrees in the middle of January, but yesterday the temperature was 62 degrees. We are about 40 degrees above normal. Lakes that are normally frozen are now completely ice free.

The Arabs are cutting production to keep oil prices from going below $50/b, and gasoline from $2/gal. Expect a disruption in oil supply this year to send the price of gas soaring.