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NEW ORLEANS — Businesses and households have lower energy and product costs and Louisiana motorists can pump gasoline for less than $2 a gallon these days.
But economic pain also flows from the collapse in world oil prices, as was evident last w
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Many sites attribute the continued drop in oil prices to the collusion between the US and Saudi Arabia to hurt Iran, which cannot balance its budget if oil drops below $140 / barrel. This arranged drop in oil prices was also intended to hurt Russia and a few other countries which depend on oil prices over $100 / barrel.
Unfortunately the law of unexpected consequences applies to these actions, as they are crippling the US shale oil industry, which is really the only sector of our economy that has been doing well. The risky “junk bonds” banks have sold to investors to help sub-investment-grade companies finance their exploration and development costs are at risk of default.
Of course, Obama doesn’t care if his administration’s petrol market manipulations wind up backfiring and hurting the same US oil business that has made our country a threat to Saudi Arabian coffers since he hates fossil fuels.
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