Great Gasoline

oil derekOil’s price decline is due to relentless increases in supply and slightly declining demand due to weakening global growth. It’s also because Saudi Arabia hasn’t cut production. That’s because the Saudi’s are squeezing their enemies, Iran, Iraq and Russia which all heavily depend on oil revenues. They’re also hoping to reduce US output. The big question, at what price will frackers slow production? My guess, at $70/bbl. Oil’s now $80/bbl.

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