Oil prices are dangerously close to dropping below $60 a barrel. If they do, I predict the bottom will fall out. The guy in this article predicts $50 within the next couple of weeks.

By the way, Iraq just pumped more oil in September than in its entire history. Doubt that’ll make much news.

CORRECTION: Iraq didn’t pump more oil than ever; it received more revenue for oil than ever before — not surprising given the price of oil. Perhaps, this is why it won’t make much news. According to this site, Iraq is pumping a little more than 2 million barrels of oil a day. Before the war, the country produced 2.8 million barrels per day. So, they still have a lot of work to do.