putting the 'peak' in peak oil

the saudis pulled together a quick meeting about the oil problems in the world, and have produced marginal results. from the ny times:

The Saudis, who considered the meeting a success because of the high attendance, announced a production increase of 200,000 barrels a day and an expansion of their output capacity if needed in coming years.

But news of the immediate production increase had already been absorbed by the world market for oil. Some experts had anticipated that the Saudis might announce a bigger increase.

dude, we know you don't have as much as you're pretending. stop grandstanding, monarchs. you're gonna be irrelevant as hell in 20 years. you know how i know? oil STILL GOT MORE EXPENSIVE TODAY:

NEW YORK (Reuters) - Oil prices surged nearly 4 percent to a record over $140 a barrel on Thursday after Libya said it was studying possible options to cut output in response to potential U.S. actions against producer countries.

U.S. crude settled up $5.09 at $139.64 a barrel, after hitting an all-time high of $140.39 earlier, eclipsing the previous record of $139.89 a barrel hit on June 16. London Brent crude settled up $5.50 at $139.83 a barrel.

nothing's more tragically amusing to me these days than petty dictatorships trying to flex their petro-nuts.