Get ready for a new oil low.


The bottom may still lie ahead, as the market remains "massively oversupplied," the International Energy Agency said Friday.
The report noted that Iraqi oil output was more than 4 million barrels a day -- an all-time high.


The IEA, which monitors energy market trends for the world's richest nations, said global oil supply has surged an additional 550,000 barrels a day in June, rising in both OPEC and non-OPEC countries.
OPEC supply rose by 340,000 barrels a day in June to its three year high of 31.7 million barrels a day. That means the cartel is producing 1.7 million barrels more than the official target OPEC ministers agreed to last month.
[link to money.cnn.com]

WHY IS GAS 4.71 A GALLON IN SOCAL? when there is a glut of oil?

and 53 a barrel? barrel = 42 gallons
4 x 42=162-53= 109 profit?