Bill Tatro--Don't Be Fooled By Happy Talk About Oil #3009

Bill is watching the games that the Saudis and Russia are playing with prices. Any affect they might have upon prices is not going to be long term. Oil stocks are overflowing and US oil production continues at or near record rates. Bill believes there will be a major oil price collapse within the next month. The unfortunate part is that where declining oil prices used to be a stimulant for the economy, it's now the opposite. Mass jobless in the oil patch and the elimination of high paying skilled jobs is bad news for producing states and their economies. And the consumer is hardly going on a spending orgy because they're paying less at the pump.