12/19/14

Permalink What's Behind the Plunge in Oil?

Mike Shedlock In the wake of a widely unexpected, huge oil price decline, I have received many questions and comments. Some speculate US pressure on Saudi Arabia to punish Russia. Others think "big oil" is out to punish the frackers. I responded to a friend today that the explanation is simple. No conspiracy theories needed. This was my proposal:

1. Slowing global economy, especially China and Europe
2. US production expansion
3. OPEC pumping above quotas – they all cheat
4. Iran embargo failing
5. Increased fuel economy
6. Attitudes of millennials towards cars and driving

I give heaviest weight to number one, but they all cascade.

AWIP: The Oil Coup
Sputnik News: Oil Prices Rise as Saudi Petroleum Minister Predicts Increased Demand

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