Quote:
Originally Posted by JJ Gold
OPEC is trying to stop the U.S. from becoming energy independent. Oil demand is weak due to a slowdown in the global economy (China). Normally OPEC would cut production. In their recent meeting they voted to maintain current production levels. Their motivation is to drive out U.S. domestic oil production which becomes unfeasible below $70 a barrel.
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Yep, this is the best reply OP got and its exactly the reason. Whilst its bad for shale oil and it wont help US reach their 2% inflation target, the bottom line is that its great for main street and for a lot of economies which import oil.
Some say conspiracies cite sanctions against Russia and of course, its hurting Russia quite badly and knowing the anti-Russia club is working hard, it would not surprise me. With Russian jets flying all over, Nasdaq being hacked with bugs, Major US sites being hacked, Sanctions etc etc and the new cold war in full swing.... who knows?
A lot of analysts reckon oil is back over $80 next year.