A Rift Within OPEC

This is a quick post simply to get the word out because I’m not seeing much about this story today despite it’s potentially large ramifications. Lane passed along the news that Saudi Arabia has walked out on talks with OPEC. Apparently, they are tired of Hugo Chavez and Iran. The Saudis are pledging to fill the world’s oil needs. While good for the consumer right now, I’m not sure how this will effect the world. The MSN story may be making a mountain out of a molehill—I’m interested to hear more as the situation unfolds.