Saudi Oil Minister Ali Al Naimi

The true "nightmare scenario" would be if we let Saudi Arabia and the oil industry flacks sway us one iota from the course our new president has set, to turn us away from fossil fuels for once and forever!

OPEC announced today an additional production cut of more than 2 million barrels/day. And surprise, surprise: the price of oil fell by some three dollars a barrel. Sic Transit gloria!

The ever obliging oil industry commentators and talking heads are falling all over themselves complimenting the Saudis for their seriousness in abiding by its OPEC allocation.

With OPEC's volition to keep prices at artificial and egregiously high levels, they have forever lost all semblance as suppliers who can be relied upon in good times and bad.

Given the unwillingness of the Saudis and their assembled OPEC brethren to propose anything meaningful that would alter current price or supply trends, the Jeddah oil "summit" was a dud.

What a gracious gesture from the Saudis to raise production, after having brought the world's economy to the brink of ruin and causing untold damage to the lives of people across the globe.