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Will it or won't it? The on again, off again game of OPEC oil production. Does an OPEC cut mean higher pump prices? - yes, eventually - higher input prices = higher pump prices - OPEC already has cut back, at least some 200K barrels a day - Market priced it Gasoline prices are well off their highs, down 30 cents in the past month. This may not be all thanks to lower oil prices. A change in a big commodity index may have helped. - Goldman Sachs Commodity Index (GIV6) - Cut the influence of gasoline futures o In June: gasoline almost 9% o Just 3.5% now How long can oil go? With inventories due Thu? - has to hold $58 - $55-$50: not much Final Round: The head of Italy's oil company said oil at $60 isn't expensive, point out it's cheaper than a barrel of Coca-Cola. Is a barrel of oil cheaper than a barrel of… Bloody Mary Mix: $675, oil is cheaper Evian Water: $281, oil is cheaper Grey Poupon: $2200, oil is cheaper