Posted on 01/12/2016 12:38:57 PM PST by familyop
NEW YORK (Reuters) - Oil fell briefly below $30 a barrel on Tuesday, extending a relentless selloff that has wiped almost 20 percent off prices this year amid deepening concerns about fragile Chinese demand and the absence of output restraint.
(Excerpt) Read more at news.yahoo.com ...
In other news, junk bonds are crashing.
Iran is not even putting out yet.
Crude Oil - Contracts
http://quotes.wsj.com/futures/CRUDE%20OIL%20-%20ELECTRONIC/contracts
Keeping us energy dependent on the Middle East. Lots of jobs lost in oil-producing states, which post fracking/shale = lot of damage to the economy nationally.
This will also make Saudi Arabia unstable as they go broke in a year or two with prices at this level.
Low oil prices are devastating to Texas, Louisiana and America and it is not by accident, it is because of the Obama War on Oil.
The fact we didn’t lay a glove on ISIS shipping cheap oil to Turkey sure was a sign what Obama’s motives were. Cheap oil.
How many boards of b.s. ‘green energy’ companies will Obama sit on after he’s out of office? He’s given them billions.
As an aside, large military movements use enormous quantities of oil and can tap storage and reserves quickly. In such a scenario, the nation with the most oil can have some advantages. Also, expectedly, China has bought much into oil production here and there around the world over some time. Today, there was news that China is establishing a military base in Africa.
While most of the cars manufactured in China are sold within China, exports reached 814,300 units in 2011.[4]...In 2010, both sales and production topped 18 million units, with 13.76 million passenger cars delivered, in each case the largest by any nation in history.[8] In 2014, total vehicles production in China reached 23.720 million, accounting for 26% of global automotive production.[9]
They are TRYING to put the USA energy suppliers out of business.
President Trump would protect that industry AND keep the OPEC nations in check this way, so that oil price would *never* go up to 100 a barrel again
It is ONLY because of our stupid energy policy that we are paying 100 a barrel in the first place. They knew they had us over a barrel because they could charge whatever they want and the USA would not respond
This is how they got so powerful in the first place, when their only other export is sand...
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