green_cheeks

Oil Drops - But OPEC Looms

At this point, $100 a barrel is too expensive unless the dollar is deflated drastically. The rise to $147/barrel put the screws to our economy and that lasted for a short stint. Simply put, our economy can not afford to pay more than $80-$90 (today's dollar) a barrel for the long term. It has already been kicking our ass. We freaked out when it started to explode around $55. This has happened so fast to our economy that the catastrophic shock waves that were started two years ago are just starting to hit us in a relative sense in the housing market... and there are more to come.... for a while... It is just like a tsunami, the shores dry up and then all of a sudden a wall of financial terror will present it when we realize the reality of our position...
So for OPEC to put a floor on the market is not feasible for us nor them in the long run... the short run alone is economically suffocating.... Companies need to watch their bottoms lines like hawks... Therefore people are starting to lose jobs in increasing rates... What does the average person do when they lose their job and they don't have any savings? This is happening to people I know...