November 27th, 2014

Filling the tank on the way home from the family Thanksgiving will be that much cheaper.

OPEC decided not to cut production. Key sentence in their press release:
Accordingly, in the interest of restoring market equilibrium, the Conference decided to maintain the production level of 30.0 mb/d, as was agreed in December 2011.
The market reacted immediately:
There are any number of interesting consequences that follow from this. For example, it's bad for oil producers which depend on a high price per barrel to meet their budgets. This is yet another problem for the Russian economy, for one thing. It's not good news for Nigeria or Venezuela, either.

The Chinese are continuing to take advantage of lower prices to fill their strategic reserve. This may be one reason the price hasn't yet collapsed.