Posted on 12/11/2014 12:06:33 AM PST by Berlin_Freeper
As the infighting among the worlds oil producers heats up, the global price of oil is heading down.
Open sniping between leading members of OPEC put new downward pressure on oil prices, with the price of benchmark U.S. crude falling another 5 percent, or $3.07, to $60.75 a barrel in trading Wednesday. Oil prices, which topped $107 this summer, have now fallen more than 40 percent since June.
Analysts said the price fall, which is having profound ramifications throughout the global economy, reflects a variety of factors, from slumping demand in China and political instability in Libya to new sanctions on Russia and the U.S. production boom tied to the shale oil fracking revolution. But the inability of OPEC and other suppliers to pull together and ease a glutted market is becoming a growing factor in the market equation.
(Excerpt) Read more at washingtontimes.com ...
The left DESPISES affordable energy,
for the very fact that people, avg people, not the elite,
use more energy when it’s affordable.
Perhaps because we are still eating food produced with last growing seasons oil prices—tractors, transportation, etc. If oil prices stay down and food prices don’t go down after they are grown and moved with lower oil prices, then we should get very angry. I could be mistaken, but I think that the price of imported European cheese is already down a bit. Cheaper transport?
Good point. We are going to have to wait and see. Fresh fruit/veggies and meat don’t have much shelf life. Hopefully we should see those items come down on price sooner.
Another way to win this pricing game is to continue developing our wind and solar infrastructure. T. Boone Pickens, famed oil man, has invested in a lot of west Texas strong wind country, and I understand pushed the state legislature to develop grid capacity to hook developed wind power to it.
Meanwhile, remember that Saudi Arabia and Qatar are very hostile to Iran and Syria which are friendly to competitor Russia. These lower prices are hurting both Iran and Russia which makes SA very happy.
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