You knew your $2-a-gallon gas couldn't last forever, right? Reacting to the precipitous decline in oil prices over the past few months, OPEC announced today that it would cut back on daily oil production by 1.5 million barrels a day. The cartel, which controls approximately 35.6 percent of the world's petroleum, said it was reacting to keep prices stable during the current recession.

The recent economic meltdown has prompted a complete about-face in the oil market, with record prices hovering just below $150 earlier this year plummeting to a mere $64 dollars. The price slide continued through today, even as word of OPEC's decision reached traders. From an environmental standpoint, this isn't especially good news.

Cheaper oil means fewer financial incentives for companies to develop carbon-free alternatives, and less reason for consumers to bike to the grocery store instead of driving. OPEC has also shown at least a passing interest in developing clean energy sources, donating $750 million to the cause last November.