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I believe that right now pressure is being put on oil companies and large speculators (like goldman Sachs)to keep prices down in the world market, to hurt Russia economically. Saudia Arabia came out today and said that they will sell oil cheaper to the US and charge China a premium for its oil. But even with that, it will help put downward pressure on the price per barrel, to put further pressure on Russia, which depends greatly on oil revenue to keep is government and economy going.
The Saudis are targeting the frackers. There's a revolution going on in US oil production. We're importing nearly 40% less oil from Saudi Arabia and they cannot have that. They are gunning for $50-$60 a barrel -- the price that will cause most US fracking producers to start losing money. Don't buy here, prices will be even lower soon.
Does anyone really believe that oil prices will continue to drop after the election? If so, I have a Tappen Zee bridge to sell you.
Really. When are you writing your book that Obama is in charge of the Saudis? Let me know so I can avoid the launch date.
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