The Organization of Petroleum Exporting Countries (OPEC) Friday said it would cut oil production quotas by 1.5 million barrels a day in an attempt to put a floor under oil prices, which have plunged nearly 60% from their July record.

What will happen when there is less oil? U.S. oil demand will fall, whether anybody likes it or not. The oil will simply not be available in the volumes that the government, industry and people in general have come to expect. So the phenomenon of declining oil use will not be voluntary, graceful or cheap.

Last week, Indonesia’s Minister of Energy and Mineral Resources, Purnomo Yusgiantoro, announced that his nation would not renew its OPEC membership.

What will happen when there is less oil? U.S. oil demand will fall, whether anybody likes it or not.

Something very unusual is happening in the oil markets… and it’ll keep the oil price way above $100 for the rest of year.

Everyone knows markets hate uncertainty. Nowhere is that borne out more than in biotech.

Commodity prices eased this morning as the dollar rose as reports from the G7 meeting suggested countries would move to stop a dollar collapse. Good luck to them.

Oil Output and Supply… Let’s discuss the U.S. oil supply going forward. The U.S. presently consumes about 21 million barrels of oil per day. This is a mix of domestic output, much coming in small quantities from several hundred thousand old stripper wells, and imports.