$30 oil!

Well, now that I wrote the ridiculous headline, I'll tell you why. First of all, MSN Money is always wrong. Don't get me wrong, I like Jim Jubak. However, I never trust what MSN puts on their front page. Also, I don't think Jim is taking his own advice.
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I don't think that the oil-production quota cut of 1 million barrels a day recently floated by the Organization of the Petroleum Exporting Countries (OPEC) will be enough to stabilize oil prices near $60 a barrel -- too many producers who need to cheat and pump above quota in order to keep their own economies afloat.
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This jogged my memory of an article that I read a few days ago about Venezuela. The article said that Chavez has led his country to record fiscal deficits.

My prediction is that the lower oil goes, the more oil countries run by greedy megalomaniacs like Chavez will pump.