Why is everyone surprised by OPEC's decision?

 Many were shocked wednesday after OPEC failed to reach an agreement to boost oil production. Should they be? The answer is no. The nations pushing for an increase in production believe that there's not enough supply in the world to meet the increasing demand. More so with OPEC nation Libya not being currently able to contribute to the global output. On the other hand, the nations against boosting production believe just the opposite. According to them, the world is awash in oil, and there's no reason why they should pump more into the system. I believe they're absolutely right. As for the supply issue, shortly after OPEC decided against boosting production the Saudi's all of a sudden decided they would increase substantially their own output in order to meet demand. Furthermore, just after OPEC's meeting we received news that Exxon had made a major find in the Gulf of Mexico that would likely turn them into one of the biggest producers in the area. So much for short supply. As for high prices, the market by now should realize that the price of oil is high not because of supply issues, but because there's too much speculation in the system. Washington has to open its eyes and realize that as long as margin requirements stay low speculators are going to keep controlling the price of the commodity, and as a result, the pocketbook of the American people.