If this happens, 50% of the worlds reseves will be in OPEC
When crude oil hit $147 this summer, many businesses stocked up on heating oil and hedged other bets. They are paying the price as Oil and Gas continue to Tumble.
Time to party like it is 2004
1st time in three years oil (NYSE:USO), (NYSE:OIL) has traded below $50 a barrel
The price of gas fell overnight Sunday for the 60th consecutive day.
"Oil (NYSE:USO) is at $60 because demand has slowed, when the economy improves, it will rise again"
Oil heads back above $70 after Saudi Arabia, the world's biggest oil exporter, has reduced exports by around 900,000 barrels per day from a peak in August.
The FT Reports: "Output from the world’s oilfields is declining faster than previously thought, the first authoritative public study of the biggest fields shows.
About half of the investors in T. Boone Pickens's energy equity hedge fund have asked to withdraw their money after losses of about 60% this year. Mr. Pickens and his investment firm have lost $2 billion since peaking in late June.
OPEC announced a 1.5mbpd production cut in oil this morning. So, it is time to invest in oil (USO)?
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