China's going to cut the fuel subsidies that have insulated the Middle Kingdom from rising gas prices and will increase retail gasoline and diesel prices by 1,000 yuan ($145.31, ?93.89) a ton starting Friday. Dow Jones Newswires reported the news citing a Reuters story.
Oil is down about 2% today. Still a ways to go but it is going down (for now).
http://www.marketwatch.com/news/stor...7D&siteid=bnbh