Worldwide Economies Tanking Affects Gas Tanks
Here in the US, we are finally seeing gas prices ease – not enough in my opinion, but there is downward movement.
The bad news – who has the bucks these days to burn?
The pain is everywhere and no one is spared. Take the OPEC countries, for example.
Even though it costs less than $5 per barrel to get the crude out of the ground, many of the cartel are crying the blues. Anyone know why? For the most part, it’s because crude is all they have, i.e. Iran.
Another reason is because I think they really enjoy screwing us over. After all, what’s fun about $40/bbl oil?
One way of looking at this, much like Saudi Arabia did last month, is to keep production high and, in turn, fueling a financial rebound (pun intended) when the world economies stabilize.
I don’t know that the Saudi’s argument to keep the production stable will have many ‘yea’ votes.
OPEC to Meet Nov. 18, `Likely’ to Cut Oil Production – Bloomberg.com
The OPEC countries will survive, the government makes all of the money over there its not the people. The US people struggle to fill their tanks each week. It will be nice to pull up and start paying under 3 dollars for gas. Then maybe we will have extra money to purchase items that actually boost our economy.
I rather see the lower gas prices here then money in the pockets of the OPEC countries.