Recessions and financial crises tend to allow step drops in oil prices.
It may be too late though to save us this Winter.
Oil prices fell from a high of $133.88 in June 2008 to a low of $39.09 in February 2009. 1 Over the same time period, natural gas prices fell from $12.69 to $4.52. 2 The lower price for oil and gas due to the financial crisis was the major impact on the sector.
“Oil prices fell from a high of $133.88 in June 2008 to a low of $39.09 in February 2009.”
You can put that blame of the oil price collapse squarely on the shoulders of Obama and Biden and here we go again.
Republican candidates need to be running wall to wall commercials against the Democrats for the downturn of oil prices.
“Oil prices fell from a high of $133.88 in June 2008 to a low of $39.09 in February 2009”
Even a $30 per barrel price drop from where we are now, would crush Russian profit margins. Oil revenue is the last teetering prop under their economy and Government finances.