The Great Recession Blog by David Haggith Oil today plunged quickly below $40 per barrel, taking oil prices down more than 20% from their high a little over a month ago. That officially defines a bear market in oil. As of today, oil has also moved below its 50-day, 100-day and 200-day moving averages. July has again turned out…
The Great Recession Blog by David Haggith The crude oil price rally has been completely destroyed, though I’ll admit I was wrong when I predicted crude oil prices would plummet in March or April as the perfect storm developed against oil prices. Instead, they rallied. In spite of that, I continued to believe my…
New Eastern Outlook by F. William Engdahl Poor Saudi Arabia. They don’t realize it yet but they have lost their oil war. The war in its current phase began in September, 2014, when the dying King Abdullah and his Minister of Petroleum, Ali Al-Naimi, told US Secretary of State John Kerry they would gladly…
New Eastern Outlook by Tony Cartalucci Four of the top five Global Fortune 500 corporations are involved in petroleum refining. Together with big-finance and industrial giants like big-auto and utility monopolies, big-oil dominates the global economy. The monopoly it enjoys grants it the unwarranted power and influence it has wielded throughout the 20th and 21st centuries.…
The Great Recession Blog by David Haggith Here are several quick looks at the oil supply glut and whether it is likely to worsen, hold the same, or improve during the summer of 2016. First, a picture of the cost of the oil supply glut This snapshot of a major oil company epitomizes what is…
New Eastern Outlook by F. William Engdahl For most of the post-1945 period the world economy has been under the control of the large Anglo-American oil majors, their banks and their friends in OPEC, most especially Saudi Arabia. Today that control in the world oil market is irreparably broken. The world is entering a…
The Great Recession Blog by David Haggith The fate of oil companies and nations hangs in the balance of oil prices. Russia could go broke. Some think that’s by US design. Saudi Arabia could experience its Arab Spring if oil prices remain too low too long. And OPEC is dead. That’s the biggest news in this…
