The American Oil Boom Won't Last Long at $65 Per Barrel:
OPEC's idea is to try to knock out U.S. Shale producers by driving prices lower than they can afford. That way Saudi Arabia, the cartel's biggest exporter, can keep its market share in the U.S. Ref. Source 8
I was wondering why oil prices were dropping so sharply specially during the Christmas season but this explains it very well - all business as usual.
International Level: Politics 101 / Political Participation: 7 0.7%
Brent crude oil falls to new five-year low:
The fall appeared to have been prompted by Saudi Arabia cutting prices to Europe. At the same time, the kingdom, Opec's largest oil-producing nation, raised them for Asian customers. Ref. Source 6
Saudi Prince Warns "We Will Not See $100 Oil Again", Calls Anti-Russia Conspiracy "Baloney":
The prince of the Saudi royal family said that while he disagrees with the government on most aspects, he agreed with their decision on keeping production where it is, adding that "If supply stays where it is, and demand remains weak, you better believe it is going to go down more Ref. Source 2
I have a theory that the cut in oil prices might have also been done to make it harder for terrorists to get weapons and supplies.
International Level: New Activist / Political Participation: 24 2.4%
Oil is steadily declining yet airline fares are the same and they even have surcharges tacked on still for that! Craziness and thievery.
International Level: New Activist / Political Participation: 13 1.3%
Hmm...Its pretty crazy in Australia too. Lets wait for the spike! Its coming people!
International Level: Politics 101 / Political Participation: 5 0.5%
From what I have read the states can maintain this level of production for many years. Maybe buy then a better power source can be found.
International Level: Senior Politician / Political Participation: 188 18.8%
We interrupt The Price Of Oil to share wisdom from days of old:
Today is: 3rd July (GMT), in history on the 3rd of July, 1940 AD the following birth happened:
Heather Steel: British judge