Tuesday, October 14, 2014
The Economy - Oil Prices
I just wrote about how oil prices were falling and today they fell even further. Oil is now at about $82 a barrel down from a high of over $105 not to long ago. This drop is great for consumers but it is going to hurt oil producers especially Russia, Iran, and Venezuela. How will they react? Will they intentionally create a situation that pushes oil back up over $100? That would not surprise me. If you had bills to pay what would you do? I think a little mayhem would be worth the risk. So watch for some action from those countries that need oil to be over $100. They are not going to just take a loss.