Opeckers Panic as Oil Drops 40% from Previous High

Back when oil was $147 a barrel the Opeckers were riding fat and high, but since then it's been nothing but downhill for oil and the various princes and potentates are panicking:

Almost half the members of the Opec oil cartel are considering an emergency meeting in Vienna next month as oil prices dropped to their lowest level in nearly a year.

Almost half the members of cartel have in the past few days called on the group to act to halt the slide before their next official meeting scheduled to take place in Algeria in late December.

Iran, Libya, Nigeria, Iraq, Venezuela and Ecuador, whose economies tend to be most dependent on high oil prices and whose ministers are among the most hawkish of the 13-member group, have all lobbied for the cartel to drop output.

Their calls came as oil consuming nations moved to bolster their economies in a co-ordinated interest rate cut.

Oil prices on Wednesday resumed their slide towards $85 a barrel, a level last reached in December last year.

It couldn't happen to a nicer bunch of &$$#@^%$.