The price for a barrel of crude oil hit a low point it hasn’t seen in more than 5 years, down to $49.66/barrel yesterday and only recovering slightly today, as investors try to prop up the price. As of this writing it is at $51/barrel, but the day isn’t done yet. I’ll be surprised if it remains above the $51 mark by the end of the week.
Who would have thought our country would still be in existence? We were supposed to believe that lower oil prices would bring about an economic world collapse. That was the hype of oil conglomerates that tried to convince people (and some believed it) that a high oil price was a necessary evil. Our bending over and taking it was good for the nation.
So, why has oil dropped in price and why are we not digging ourselves out of a new era of depression? Continue reading