[Citizen Zed]

Nice charts at link.

[DIRTYSECRET]

No water in the mid east. They can drink the oil.

[nascarnation]

Filled up my (compact) pickup for 20 bucks.
$1.39/gal

[familyop]

Iraq says Saudi, Russia change tone on possible oil deal
http://freerepublic.com/focus/f-news/3389212/posts

[EBH]

So, with ISIS running amok, Afghanistan about to be lost based on testimony this week, Iraq in chaos, Syria...well ya’ know that story...and Iran now sending oil to market...

What exactly does happen when the OPEC economy collapses in the Middle East?

Gee...anybody want to hazard a guess as these closed kingdoms begin to fall?

[AbolishCSEU]

[ek_hornbeck]

The Saudis and other OPEC nations wound up cutting their own heads off by flooding the markets with cheap, abundant oil. In their goal of shutting down competition from US fracking, they wound up bankrupting their own economies.

Now their only options are to try and remain solvent by selling more oil (lowering prices even more, and continuing the spiral), or cutting production to raise prices. US oil companies will then resume fracking, and everything will be back to square one, minus wrecked Middle Eastern domestic economies.

[The Sons of Liberty]

OPEC Economies On Their Last Legs

For decades we have tried to destroy OPEC, reduce oil consumption and achieve energy independence. Now that all of this is very much in reach, the stock market dives when the price of oil drops. Manipulation?

[Blue Collar Christian]

Can’t make sammiches outa crude?

[lurk]

The OPEC countries imagined that they could get by just creating oil, and not having to produce anything else for GDP. And they thought that this would get them import luxury items forever.

Worked for a while.