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| Economy |
| Oil prices plunge 4% below $46 a barrel |
| 2017-05-04 |
| h/t Instapundit Oil prices collapsed on Thursday to their lowest since late November as investor worries about the world's stubbornly persistent glut of crude erased most of the gains that followed last year's OPEC's output cut. The slide worsened after OPEC delegates downplayed the chance that their group and other producing countries would deepen their output cuts when they meet on May 25. They did say current output cuts were likely to be extended. Brent crude oil futures were down $2.31, or 4.6 percent, at $48.48 a barrel by 1:27 p.m. (1727 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $2.25, or 4.7 percent, at $45.57 a barrel. |
| Posted by:g(r)omgoru |
| #2 It's taken a while, but we are getting closer to the end of cartel monopolist profits for OPEC. As fracking spreads, their corruption and incompetance will shift OPEC from the lowest cost producers toward the highest cost producers. |
| Posted by: phil_b 2017-05-04 21:41 |
| #1 ...It does tend to put a drag on my 401K, but the money I save all around with lower fuel prices makes up for it. Mike |
| Posted by: Mike Kozlowski 2017-05-04 20:58 |