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As an OPEC rep jawbones on CNBC as to the benevolent reasons why they cut production during a global recession (WTF?), the oil futures drigt down an additional $1.50. Here we have an oil cartel that has no cartel powers. Econ 101 thrown on its head. Cut supply, demand decreases... or was it that demand really wasn't worth $148 per barrel in the first place???

To those guys who were on the first boombustblog boat ride, I wonder if any of you paid attention to my ruminations of shorting oil in the $140's.