Oil rises above $47 as OPEC cutbacks take hold

For all those who believe in a "free market." A cartel ultimately can set prices wherever it wants. By the way, the Russians are now in the process of doing the same thing with gas.

Most disturbing is the fact that Congress did nothing to reign in speculation when it had the chance back in July. Conservative Republicans killed that. Expect the specs to come back in on the long side and push prices back up again. This time, don't expect OPEC to be quick on reversing their output cuts. They may let oil go to $200 first.