Well OPEC is already talking another 1.5m/bbl cut in November as oil is just falling too fast for them. That's nothing better than price fixing in it's finest hour.
Our Gov't is what let oil & grain prices get out of hand and that is having a huge effect on the world consumer. Even at current $60 crude, the price gouging when oil was at $147/bbl will never come back down to the $60 level.
So if the consumer has to pay an average of 30% more for common staples they need, I don't see how even the mid-range consumer will not be effected somewhere down the road as his wages is surely not going to increase 30% to offset the new higher costs and once again we'll start the current process all over again.
Iran made a statement last week that they needed $90 crude to meet there projections on what their planning on spending. Iran supplies 2m/bbl/day to the world market. Hows that for a set of ballz.
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