Can one of you pseudo-economists explain why oil plummeted? This is seriously fucking up our only worthwhile export.
Because Saudi-Arabia said fuck it, we are pumping it all out, skyrocketing the supply and pretty much breaking the oil exchange. Why they are doing this? Well one of the reasons is to give hard time for American shale gas (which is supposed to replace foreign oil), destroy Russia's economy, or many other reasons. Will it end at some point, yes. Buy up those futures!
Saudi's, as everyone said. They flooded the system to devalue the oil dollar while pretending it was there way of sanctioning Russia for the Ukraine thing. In reality they just wanted to fuck over oil companies around the world and they used that as an excuse.
US fracking lowered oil prices here, and allowed us to export oil for the first time since the 70s. Saudis have to lower their prices to compete, causing the rest of the world having to lower prices as well.
>the US buys oil
Companies buy and sell oil anon. If Suncor needs $50 a barrel to make a profit $28 fucks their bottom line. Saudi arabia has the advantage of having a government controlled company and oil that needs very little refining.
SOMEBODY SAAAAAAVE MEEEEEEEE
>tfw by the time this is over our country will be a subsidiary of the West-India company based in Gujarat
Weedman tried to run a meme-based economy and failed. Based Harps did his best to whip the economy together on nothing but sweat and pure strength of will but there is only so much you can take when the entire country is against you. He was the hero we needed, not the one we deserved.
>Can one of you pseudo-economists explain why oil plummeted?
Oil didn't plummet. Look around: _everything_ is falling in price, not just oil. This means the U.S. dollar is getting more expensive -- a.k.a. deflation.
Deflation is basically the worst thing that can happen to an economy.
Unless the U.S. bankers invent some sort of miracle maneuver in the next couple months, then the world economy is royally fucked. Imagine the collapse of the USSR except on a global scale.
Probably not, it'll be the USA that will be deflored the most in this crisis.
Sit back and enjoy the ride, either way it shouldn't take too long. (The economic part of this collapse, I mean -- no idea what social consequences could result from economic meltdown.)
We were pumping an assload of oil so the Saudis started pumping an assload to try to flood the market so that our companies would go out of business. Their oil is cheaper than ours to produce.
We're stoked though because gas is cheap as fuck and we have a real economy, I suggest Canada attempts to get one too.
It had nothing to do with Ukraine you fucking retard.