Saudi Arabia's oil minister recently announced the kingdom had slashed oil output, claiming the market is oversupplied.
"The market is overbalanced ... Our production in February was 9.125 million barrels per day. In March it was 8.292 million," Petroleum and Mineral Resources Minister Ali Al-Naimi told reporters.
"In April we don't know yet, probably a little higher than March," he added. "The reason I gave you these numbers is to show you that the market is oversupplied."
Meanwhile, the price of crude has surged to more than $109 a barrel.
The spike comes as the Obama administration tries to restore America's image with investors after Standard & Poor's announcement that it's considering downgrading America's debt rating.
The nation's ability to face fiscal challenges has been compounded by bickering policy makers and a formidable trillion dollar deficit.
With growing third-world markets and an insatiable need for commodities like oil, many wonder if the United States has passed her prime. Entrepreneur-turned-publisher of Forbes Magazine Rich Karlgaard doesn't think so.
The private investor and business journalist knows firsthand the difficulties and uncertainty of a turbulent market. But instead of doom, he's dared to predict a potential "boom."
Karlgaard says what is now known as the "Great Recession" will lead to an even greater restructuring, in turn producing economic growth, small business recovery, and innovation.
--Published April 21, 2011.