Pity poor OPEC:

Ministers of the Organisation of the Petroleum Exporting Countries arriving in Vienna on Sunday have indicated concern that oil prices may fall. Though the eleven-nation group is unlikely to officially reduce its production quota when it meets on Monday, the change in ministers’ tone could be a harbinger of things to come.

Like I said two years ago:

OPEC seems to have forgotten the lesson it was taught in the late 70s and early 80s: the US may piss and moan about high oil prices, but if they stay high enough long enough we will change our consumption habits, and that will have a profound, very long term effect on oil prices. Western economies can survive high, even very high, oil prices because they're rich and very diversified. It's a lot harder for oil producing nations to survive low, especially very low, oil prices, because that's all they've got.

Props to me for a foil hat note in the same essay, since both Fark (who linked it) and others who've sent me mail recently have been pointing fingers at the Vast Right Wing Conspiracy as the Ultimate Source. Just come a little closer... it needs some adjustment.