The Oil Market Tanks Due To Bargain Basement Prices — Bad News or Is There a Silver Lining?

The Oil Market Tanks Due To Bargain Basement Prices — Bad News or Is There a Silver Lining?

Yesterday’s dramatic fall in oil and gas prices, according to the President is good for consumers, and it is true that gas prices will immediately come down slightly at the pump — but the secondary effects could be far more negative than positive on the U.S. economy.  Why?  The U.S. is now a net exporter of oil and since the domestic oil production industry has grown so large, the investment bank Morgan Stanley predicts that “the pain of lower oil prices is likely to outstrip whatever positive boost cheaper gas prices might provide to U.S. consumers” particularly when compounded with coronavirus fears depressing the economy more generally.

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Saudi Oil Field Explosion Causes Oil Prices to Surge

On Saturday, a Houthi rebel attack on a prominent Saudi oil field caused global oil prices to surge. As CNN reported “Several projectiles struck the Abqaiq plant, starting a series of fires that quickly took out nearly half Saudi’s oil production — 5% of the global daily output — and sparking fears about the security […]

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