So much for the naive belief that increasing Saudi oil output will help reduce gas prices

many years ago, a san francisco city alderman running for re-election offered this visually arresting quote: "it's time to grab the bull by the tail and look facts in the face"...

folks, the u.s. economy - nay, the GLOBAL economy - fell off the cliff some months ago... it may be a long, lo-o-o-ong way down, and it may be happening in slo-mo, but the fact is, we be headin' do-o-o-own, and no amount of carefully staged p.r. stunts like the saudis announcing that they're increasing oil output is going to make a single goddam bit of difference...

be sure to check the last sentence...

Oil prices fluctuated Monday as traders shrugged off a pledge by Saudi Arabia to increase its production and the dollar gained strength in Europe.

Saudi Arabia said Sunday it would produce more crude oil this year if the market needs it. The kingdom announced a 300,000 barrel per day production increase in May and said before the start of the meeting in Jeddah that it would add another 200,000 barrels per day in July, raising total daily output to 9.7 million barrels.

The announcement had already been factored into oil prices, analysts said.

"The meeting was mildly positive but it wouldn't really deliver anything that would give a heavy correction in oil," said Mark Pervan, a senior commodity strategist at the ANZ Bank in Melbourne, Australia. "They pledged production increases that the market thought was base case."

the only possible thing that could change the disaster scenario that's playing out right now is some sort of deus ex machina intervention, but the magnitude of such an intervention and the unimaginable sums of money necessary to accomplish it, are now too great for even the super-rich elites to cough up... besides, why should they...? money is still overflowing their coffers like the mississippi out of its banks... (yeah, i know... that last one was a really bad and, trust me, completely unintentional pun...)

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