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oil is trading at 33.82 right now. Less than 4 months ago it was over $140 a barrel. An analyst on CNBC this morning is projecting a bottome of between $17 - $18 a barrel. He then said if that does not hold it could go to $10. But anything below $30 starts to be below the cash cost to extract it for many wells, so wells start shutting down once it breaks $30.
The good news is that gas could fall below $1 a gallon again so that is like a tax break for individuals and more money in the economy. The bad news is exploration starts to be halted at these levels and wells start shutting down domestically since imported oil becomes cheaper. Then as the economy turns around we are more dependent on imports of oil and the price will spike very fast.
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