Although I could usually care less about how something affects Russia’s economy, I have two fears now.
One, that they will not be able to afford the withering attacks on ISIS.
Two, someone like Putin tends to turn towards nationalism when things turn south. That leads to trouble.
Just wait for the feds and states to increase the taxes to bring oil back up to $3-4 a gallon since they need their revenue.
If we had a lick of sense (and weren’t being ruled by madmen bent on our utter destruction) we’d take advantage of this to replenish our strategic petroleum reserves.
Perfect time to be selling off our strategic reserve... Who is the moron behind that decision. Oh yeah. Obama
Wait until someone in Yemen sinks a tanker in the Gulf. Or ISIS blows up a pipeline. Or Iran takes a shot at SA.
The price will be back up soon enough.
In two weeks, OPEC will be holding its big annual meeting in Vienna, and some experts are predicting an open revolt by its members against Saudi Arabia’s leadership.
If that happens, the oil situation could get volatile very quickly.
Gas 1.74 locally and heading down.
A few weeks ago, oil was over $46 - it closed yesterday under $40 and some local stations raised gas prices by 35 cents or so. Go figure - even the oil/gas companies can’t let a crisis go to waste.