Question: Oil prices are temporarily down because…?
[A.] GLOBAL DEMAND IS DOWN.
The planetary plague called neo-liberalism is designed to maintain the supremacy of Wall Street over Main Street, i.e. the supremacy of the financial economy over the real economy. Or if you prefer, the supremacy of casino capitalism over industrial capitalism. The financial economy benefits only the 1%, and does not need oil, since it is a game of numbers in computers. The real economy, by contrast, is the realm of the 99%. It requires oil, except for when there is a global depression, as there is now. Indeed, the financial economy is a deadly parasite on the real economy, since – in the neo-liberal era — everything and everyone exists to serve the financial economy and the 1%. (Most economists pretend that the two economies are one and the same. Therefore even though a nation may be in a depression, most economists claim that the nation’s GDP is up, because the nation’s financial economy is up. Thus, if you are unemployed and you are hurting financially, it is YOUR fault. Haven’t you heard about the “recovery”? In reality, the only recovery is in the financial economy, which strictly benefits the 1%.)
[B.] IT TEMPORARILY SERVES THE 1%
[C.] GLOBAL SUPPLY IS UP
Venezuela has the world’s largest oil reserves, but Saudi Arabia is the world’s largest oil producer. Despite the reduced global demand for oil, the Saudis have not reduced production. The Saudis are working with the USA to temporarily keep oil prices down in order to hurt Russia, Venezuela, and Iran, which depend on revenue from oil sales. Already this strategy has forced Cuba to surrender to the USA. Reduced oil prices cause reduced profits for oil companies, and have forced the Saudis to freeze wages within their country — but the elitists are willing to pay this price to achieve their goals. And the peasants are happy with the low fuel prices.
Oil supply has increased because of operations in places like the “Bakken formation” of North Dakota. Western North Dakota is flat and empty. Until recently it was deserted. But now, the area has so many oil operations that it is like a gigantic city. North Dakota now produces more oil than any U.S. state except Texas.
[D.] ALL OF THE ABOVE...
Enjoy the temporary reduction in fuel prices.