You cut back production because, even though your profits are still very high, they are no longer record breaking.[1] Even worse, they are talking about it being a problem if oil were to drop to or below \$50/barrel. If \$67/barrel translates to gas prices at \$2.70/gallon, then OPEC needs some serious revision in their view of reality. Though I remain unsure how much of that is OPEC and how much the gas companies when I see that Iowa has gas prices as low as \$2.05/gallon.[2] Either way, it is totally insane.
- Ms. Carola Hoyos. "Opec concerned over falling oil prices" FT.com 2006-09-10. http://www.ft.com/cms/s/51ec2e78-40da-11db-827f-0000779e2340.html
- GasBuddy Organization Inc. "IowaStateGasPrices.com" viewed 2006-09-12. http://www.iowastategasprices.com/