Crude Oil Prices Go Down and Down and…

Crude oil prices are hovering at around $60/barrel at the end of 2014, and “oversupply” is the word of the day in the oil business. Too much oil means prices are dropping and will drop still further. The U.S. and Canada move forward producing their own shale oil. Worldwide demand is down, and energy exporting countries like Russia and Iran are hurting. The Saudis say they will not cut production even if the price goes to $20/barrel. Some predict that crude oil will never again climb to $100/barrel. Never is a long time, and history teaches us that things change. But for the short term, and that means in the first half of 2015, we will probably see the continuation of the oil glut, and its associated economic fallout. So what do you think? Are lower prices for crude oil a good thing? Or not? Log in a give us your thoughts on this.