As Gasoline Hits $4 a Gallon, the Saudis Cut Production

Ready to see gas prices skyrocket? You mean you think they already have? Consider this then.

Saudi Arabia's oil minister said on Sunday the kingdom had slashed output by 800,000 barrels per day in March due to oversupply, sending the strongest signal yet that OPEC will not act to quell soaring prices.

Consumers have urged the exporters' group to pump more crude to put a cap on oil, which surged to more than $127 a barrel this month, its highest level in 2 1/2 years amid unrest in North Africa and the Middle East.

Of course the United States might be able to put a dent into the Saudi's plan to drive up costs, but of course Barack Obama doesn't subscribe to the words drill baby drill.