This article appeared online at TheNewAmerican.com on Tuesday, February 16, 2016:
Following a brief meeting of oil ministers from Russia, Saudi Arabia, Qatar, and Venezuela on Tuesday morning, the Russian Ministry of Energy issued this statement: “The four countries … are ready to freeze oil production at January levels if other producers join this initiative.”
Issued before the market opened on Tuesday following the long weekend, the announcement caused stocks and the prices of crude oil to jump for joy. Dow futures were up 250 points and NYMEX crude jumped two dollars a barrel.
Reality set in shortly thereafter.