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Liam Denning

Oil Talk Is Cheap For Obama, Not for OPEC

Mixed signals for prices in the Atlantic Coast drilling decision.

President Obama's pledge not to open the Atlantic Coast for oil drilling is a little like me promising not to become a brain surgeon. With oil prices languishing in the $30s, and many drillers more concerned with sweet-talking their bankers than seeking new frontiers to conquer, it's an easy commitment to make.

The president isn't alone in this rhetorical regard. Russia and several OPEC members continue to dangle the prospect of a supply freeze to a desperate oil market. Even Iran has supposedly indicated it may join -- just as soon as it has added another million barrels a day of production. In light of which, I can only refer you to my earlier assurance about not operating on people's heads.