The Good News About the Looming Global Meltdown? Cheap Oil
ith Europe in disarray and China's growth slowing, traders seem to have set aside their concerns about the West's tensions with Iran and started worrying that the world simply won't need as much oil in the near future. Shown in tan below, the cost of Brent crude, which is used as a benchmark to price most oil on the world market, is down 18 percent since May 1. The cost of West Texas Intermediate, the major U.S. variety shown in blue, is down 22 percent.
They'll just close down some refineries and keep supplies tight and prices high. The road works projects come out of gas taxes which is another reason they will keep prices inflated. They will just keep lubeing us at the Pump!
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