[blam]

China, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin

"While it is beyond a doubt that the primary catalyst for Europe's triple-dip recession has been the nearly two quarters and counting of escalating Russian sanctions that were supposed to solely harm Putin (because who could have possibly foreseen that plunging German exports to Russia would have a far greater impact on the export-driven German economy), the truth is that the Kremlin itself is starting to hurt, if not so much as a result of the European trade embargo but mostly due to crashing oil prices, which have been driven lower almost exclusively by Saudi Arabia as part of its most recent secret bargain with the US, a bargain which as we read today is likely to tear OPEC apart."

[NY.SS-Bar9]

Could it be that the Muslims in Riyadh are trying to help out one of their own come election time?

[RC one]

It isn’t unusual for oil prices to start falling around November due to decreased demand.

[Cowgirl of Justice]

Hah.

Seems several years ago I recall it was around $85 bbl and gas prices were still over $3 gallon. Of course probably because of the price of refining it, but still...

[txrefugee]

The Obama lovers on CNBC are salivating every morning that the declining price of gas will ensure that this will be a great Christmas shopping season, thus propping up this false “recovery” when it is noticeably lagging.

It proves how out of touch they are, because with food prices going through the roof, any savings at the gas pump will be literally eaten up at the table. Anyone who really shops for food knows that a “pound” of coffee is now 12 oz. and costs more for less, and decent hamburger now costs what steak used to cost per pound. We are not fooled, and we are not happy.

[tomkat]

.. a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch

There you have it.

And these are the 'friendly' sandni Muzis.

spit

[molson209]

Are they trying to force Frackers out of business with low Oil prices ?

[Steven Tyler]

Bring the Canada oil sands on line, now

[PeterPrinciple]

There will be good news and bad news in this but it is the market at work. Reminds me of the “invisible hand” discussed by Adam Smith. But most modern economists are uncomfortable with that concept, we have to be in control of things.

[Georgia Girl 2]

Well another upside to this is the Russians will be scrambling to keep the lights on so they won’t be able to afford to screw around with their neighbors so much.

[Sequoyah101]

Flat spot or fall?