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Does it have to do with Russia because Russia has to get about $125 a barrel for their oil to pay their debts. Are we trying to break them? Or is it some natural cause with no real planning behind it.
The Saudis are out to get the Russians, keep ISIS from making large profits on Iraqi oil and stop US shale production by making it cost more to produce a barrel of oil than what it can be sold for.
It's the classic example of the law of supply in demand. Due to a huge uptick in U.S. production through fracking, as well as the Saudis flooding the market, there's a glut of oil, making it incredibly cheap.
It's the classic example of the law of supply in demand. Due to a huge uptick in U.S. production through fracking, as well as the Saudis flooding the market, there's a glut of oil, making it incredibly cheap.
Saudis are flooding the market? The US can't be producing that much from fracking. If the Saudis are flooding the market, that would explain it. Also, Ecuador doubled or tripled production in the last year, and most of its production goes to the US.
The Saudis want to put US fracking out of business, so since that are insanely rich and have lots in reserves, they are flooding the market to make fracking unprofitable and try to bankrupt them. Making Russia's economy collapse was an unintended side effect.
If sustained for a bit longer, I wonder if this will put a damper on electric car development/production. Once (if) folks get used to < $2 gas, the number of people that care about 25mpg instead of 50mpg will surely drop drastically.
If sustained for a bit longer, I wonder if this will put a damper on electric car development/production. Once (if) folks get used to < $2 gas, the number of people that care about 25mpg instead of 50mpg will surely drop drastically.
No doubt. But then because of the reduced EV demand, they will have to become cheaper themselves. My kids just leased one in CA, and supposedly it will cost them $1000/yr, zero gas, free electricity at work and discounted juice at home.
One news report I read chalked it up to Saudis flooding the market and relying on their vast cash reserves to snatch some market share.
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