OPEC is cutting 2.2 million barrels of production a day, and somehow I’m thinking it’s just not going to make that big a difference. Though $4 per gallon gas didn’t persist for long - it does seem to have triggered some sort of cultural change. I’m still seeing people driving the scooters, though regular unleaded is back down to $1.69. Demand is still down. It’ll need to stay there if prices are to remain low, given the cuts.

Update: And oil tumbles on, or at least despite, the news - to below $40 per barrel. Deflation city.