This may explain why gasoline and oil prices haven't fallen much lately.
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Now the world knows what OPEC hopes to do: Keep oil selling for no less than $25 a barrel by cutting 600,000 barrels per day from the current production target. The surprise announcement Wednesday (Sept. 24) shocked world oil markets, boosted oil futures prices by $1 a barrel and sent U.S. stock prices slumping.
The move even prompted a polite plea Thursday from President Bush. "I would hope our friends in OPEC don't do things that would hurt our economy," Bush said.
There may be less reason for worry than first meets the eye, oil experts and economists say. What OPEC plans to do and what OPEC will be able to do are not necessarily the same thing.
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http://www.chicagotribune.com/business/showcase/chi-0309270300sep28,0,7899886.column?coll=chi-site-nav