Crude oil has been on a decline over the past few weeks as growing worry about a looming global recession weighs it down. But oil is not going as far down as drivers across the world would like it to go—or as far as politicians up for reelection would like it to go. Barring a dramatic event of demand destruction, oil is going to remain expensive for the observable future. OPEC and its precious spare capacity: The oil-producing cartel has repeatedly signaled that it is in no rush to deploy its spare capacity to boost global supply and bring down prices. One reason for this is the prices themselves: Saudi Arabia has ... (full story)