Well as i posted in a different topic i said that Saudi Arabia was going to start producing 2,000 more barrels a day in an effort to "flood" the market with crude.
Well as of last night (U.S. Central Standard Time) Saudi Arabia had a summit with the largest countries and businesses with there hands in the oil industry
(sorce abc news there gma thing)

Question:
so what do you think will happen to the gas prices if they do produce 200,000 more barrels a day?

Choices:
the gas prices will stay the same but crude will become less expensive
crude and gas will reduce in price
there might be a slight drop in gas prices

 

price just spiked to $140 a barrel today, no more info needed.

Nothing.

They have already been producing 300,000 more barrels than their usual output since the beginning of May and we have seen no relief. Adding to that number by 67% is not likely to have a significant impact...particularly when you consider the civil unrest in Nigeria has caused their nation to cease production of 300,000 barrels per day.

What it MAY do is open the eyes of the world that supply is NOT the issue, and that many other factors need to be controlled before we will see any relief at the pump.