Saudis set to boost oil production capacity

Enjoy it; it’s the only good thing that has come or will come from Iran building nukes, explanding its influence, and generally scaring the shinola out of Sunnis. On the great Wahhabist roulette wheel o’ arch-enemies, their number’s suddenly come up — much to the relief of American motorists.

Someday that mullah mushroom cloud’s going to spout over Manhattan, but I promise you this, my friends: by the time it does, gas will be at 35 cents a gallon.

Crude oil fell to a 19-month low as Saudi Arabia, OPEC’s biggest producer, said it will increase production capacity.

Saudi Arabia has 3 million daily barrels of spare capacity and will push ahead with projects to expand output, Oil Minister Ali al-Naimi said today. Prices plunged yesterday after al-Naimi said he saw no need for an emergency OPEC meeting to consider further cuts in output. Prices have plunged 17 percent this year on speculation OPEC members won’t comply with production cuts…

“The Saudis probably want lower prices for a combination of reasons,” said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. “This could benefit them both politically and economically. This may be a signal for Iran to stop meddling in Iraq and at the same time stanch the move to alternative fuels such as ethanol.”

The head of the Shiite SCIRI party in Iraq warned the U.S. today to lay off Iranians operating inside the country. Make that 30 cents a gallon.