Global oil supplies are strong and demand remains relatively tepid, so why would crude oil prices suddenly stop dropping around $80 per barrel? There are several built in stabilizers that could act to support crude oil prices.
Oil production is surging in the US, sending supply shockwaves through world markets. The US could become the world leader in more ways than one, Graeber writes, but only if it opens its oil spigot.
In a lackluster economy, there hasn't been much from OPEC members to suggest there was any sort of revival, Graeber writes. But with seven of the 12 members of the cartel experiencing at least some form of upheaval, the cost of doing business suggests members may need more than a little bit of luck to return to glory.
$4 gas is the average cost per gallon in six US states now. Will $4 gas spread across the country?
The petroleum cartel said it will slash production by 2.2 million barrels per day in hopes prices will climb back toward $75 per barrel.
Ministers of the Organization of Petroleum Exporting Countries meet Tuesday in Vienna and may unofficially ease back on production levels that are above OPEC quotas.
At a rare meeting Sunday, some oil-producing nations tried to stabilize prices – and Western concerns over a recession.