Do you understand that OPEC is essentially doing nothing, because they cannot reach agreement among themselves? Most want to cut production but that takes a unanimous vote.
I see it as a good thing that they cannot effectively control the cartel and manipulate the price.
Agreed. I am fascinated to see what effect free market oil would have on the world economy.
This whole decline in oil prices was, IMHO, orchestrated by the Saudis and big oil companies to put marginal US oil producers out of business. Once they’ve succeeded, oil prices will climb back to $100/bbl and gas to 3.50+/gallon. This ploy is hardly new in commerce and geopolitics.
In the mid-80s, as part of his successful effort to end the Cold War, Reagan (with Bob Casey) persuaded the Saudis to turn on the spigots. They did, and the Soviet Union folded like a cheap suit.
Amen, brother.
“I see it as a good thing that they cannot effectively control the cartel and manipulate the price.”