Oil prices keep plummeting as OPEC starts a price war with the US

[DavenRoxy 1,073]

Oil prices have been dropping sharply over the past three months — a huge energy story with major repercussions for dozens of countries, from the United States to Russia to Iran.

But on Friday, prices went into serious free-fall. The reason? OPEC — a cartel of oil producers that includes Saudi Arabia, Iran, Iraq, and Venezuela — had a big meeting in Vienna on November 27. Before the gathering, there was speculation that OPEC countries might cut back on their own oil production in order to prop up prices. But in the end, the cartel couldn't agree on how to respond and did nothing.

http://www.vox.com/2014/11/28/7302827/oil-prices-opec

[GandD 5,966]

Road trip!!

[Karee 4,189]

I take joy in the fact Russia and Venezuela are getting screwed by this.

[DavenRoxy 1,073]

I take joy in the fact Russia and Venezuela are getting screwed by this.

Kip said you are right for feeling this way!!

[GandD 5,966]

Isn't crashing oil prices one of the major reasons the ussr crumbled?

[DavenRoxy 1,073]

Isn't crashing oil prices one of the major reasons the ussr crumbled?

I'm too young to remember if that was it, or Chernobyl, or perhaps a combination of the two.

Speaking of Chernobyl, the sarcophagus that was put into place was supposed to be completely covered over in 30 years to ensure no more radiation leaks out. That deadline is less than two years away, and I don't think they will meet the deadline.

[MyLittlePony 340]

I hope the gas prices stay low and drop to a record rate. I love putting $25 in my tank 91 and would last a week.