See What People Are Saying About... Friday's Oil Action


Oil slid again on Friday as traders focussed more on the global economic downturn.

In fact they all but ignored the outcome of an emergency OPEC meeting in which the oil cartel agreed to cut output by about 1.5 million barrels. The move takes 5 percent of its supply, off the world market.

"Months ago that kind of news would have sent oil soaring," says Dennis Kneale on CNBC's Power Lunch. "But clearly oil trader are saying oil is overvalued even at these levels."

But what's bad for oil bulls is good for motorists. Prices at the pump are lower in many parts of the US than they were at the same time last year.

And, if trends continue, AAA National believes gas prices nationwide could be as low as $2.50 per gallon before Thanksgiving with the possibility that prices could be even lower by the end of the year.

That has some market mavens asking themselves if once again the American consumer might lead the nation out of this crisis. With more money in their wallets people could start to feel more comfortable spending.

And that leads to our Fast Money Read Poll. If prices at the pump remain at $2.99 are you more likely to spend a little more?

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