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<blockquote data-quote="The Other Side" data-source="post: 1460093" data-attributes="member: 17969">Well, the world continues to build on th GLUT of oil.&nbsp; TODAY, OPEC REFUSED to cut production and oil has plunged to a 4 year low today dropping below $70 a barrel.<a href="http://money.cnn.com/2014/11/27/investing/oil-prices-opec-crude/index.html" target="_blank">http://money.cnn.com/2014/11/27/investing/oil-prices-opec-crude/index.html</a>The great scam is over (for now) no longer can USA oil producers rip off americans on gas. It has always been told to us that the price of oil depended on supply v demand, but as we see, this is not true, like &quot;we&quot; have always known.Its about production and controlling inventories.By falsely creating shortages in inventories, the USA producers have been able to rip off customers for years going back to the BUSH administration.But now, being forced to use land leases for production by President Obama, the USA is now over producing oil to the point where the world has more oil than it knows what to do with.Crazy talk like the XL pipeline would make a difference is laughable now in light of the current state of inventories.Look for oil to plunge below $60 bucks a barrel in the coming months.TOS.(funny how when oil is high, moreluck has this thread on the first page, and now it relegated to page 5)</blockquote>

[QUOTE="The Other Side, post: 1460093, member: 17969"] Well, the world continues to build on th GLUT of oil. TODAY, OPEC REFUSED to cut production and oil has plunged to a 4 year low today dropping below $70 a barrel. [url]http://money.cnn.com/2014/11/27/investing/oil-prices-opec-crude/index.html[/url] The great scam is over (for now) no longer can USA oil producers rip off americans on gas. It has always been told to us that the price of oil depended on supply v demand, but as we see, this is not true, like "we" have always known. Its about production and controlling inventories. By falsely creating shortages in inventories, the USA producers have been able to rip off customers for years going back to the BUSH administration. But now, being forced to use land leases for production by President Obama, the USA is now over producing oil to the point where the world has more oil than it knows what to do with. Crazy talk like the XL pipeline would make a difference is laughable now in light of the current state of inventories. Look for oil to plunge below $60 bucks a barrel in the coming months. TOS. (funny how when oil is high, moreluck has this thread on the first page, and now it relegated to page 5) [/QUOTE]

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