I say it will go down to $30 per barrel. The current price has already factored in the proposed cuts.
OPEC only controls 40% of the world's oil supply. When they cut, other countries produce more because everyone is trying to make money now.
If oil prices go up, demand will go down and the net effect is OPEC does not make any more money.
I do believe we need gas prices to stay in the $2-$3 per gallon range or we will lose support for alternative energy and domestic drilling programs and people will go back to Hummers.
