HMM: Seems like good news to me: “Oil prices dropped below $52 a barrel to new 19-month lows Tuesday on a report that OPEC powerhouse Saudi Arabia said further production cuts aren’t necessary right now.”

Part of it’s warm weather, and I believe it. My December heating bill was less than half of last December’s. The greenhouse effect: reducing carbon consumption worldwide!

Meanwhile, Jay Leno’s garage is going green.

UPDATE: Reader Lou Minatti thinks it’s a new version of the Oil Weapon:

It should be obvious why Saudi Arabia won’t cut production. They fear Iran. Iran desperately needs oil revenue. Chavez and Ahmadinejad are touring the world announcing anti-American initiatives and kicking out foreign investors because in the past these were good ways to rile up the oil markets.

The world is awash in oil right now. Saudi Arabia intends to collapse the price and cause a great deal of damage to their enemies in Iran, and they won’t have to fire a shot. As a bonus, Chavez in Venezuela will also be gravely damaged. I believe this is all political strategy, and I believe the Bush Administration is coordinating it with the Saudis to eliminate two threats at once.