It is the commodity which our USD is tied to. For many years. So watch with “interest” LOL. As the ruble fades and the chinee debt grows, our debt and theirs. What a wonderful way to manipulate the good American people and leave them hanging out to dry. Get off the grid.
The drop will create a lot of disposable income for US consumers. It will also relieve a lot of economic pain for many. It will boost employment some.
The economic activity associated with fracking and pumping our own oil is good for the economy.
More disposable dollars will also help the economy, but it’s unlikely to alleviate the main fundamental flaw in our economy.
A lot of those freed up dollars will go to buy cheap Chinese imports as opposed to foriegn oil imports. Thus those dollars will still be funding the build up of our competitors and ideological opponents. And could accelerate the offshoring and sell out of American firms.
Until we restore the import tariffs and bring manufacturing back to the US, we will remain on the course of weakening the U.S. until our labor costs are competitive with third world countries.
Its simple really.
OPEC is dumping oil on the market to destroy newly created oil sources in North America. The Tar sands in Canada cannot work when oil falls below $50 a barrel, the production costs are too high.So if OPEC can keep dumping for 2 years, many new North American oil sources will be forced to close, and pipeline construction will be abandoned.
Secondly the Obama administration is gleefully celebrating the OPEC support it is getting, because it spells the end of pipeline controversy and the end of many new oil exploration oil finds. THe economy will boom in the USA for two years
, supporting the meme that Obama fixed the economy ( a lie).
Thirdly, OPEC is removing Russians ability to make war and annex territory where Muslims live unmolested now in the Baltic States and in places like Moldovia, by making the Rubkle go distinctly south.
So US consumers can make hay now for 2 years, and will joyously vote democrat in 2016. WOW ! And then the price of oil will rocket back up to $120 in a week, in December of 2016.
BUY ALL THE OIL STOCK YOU CAN WHILE ITS CHEAP.
Leave it to Schiff to come out with his article on the day of a face-ripping oil rally.