Graph: as hard the price of oil fell for the last time

Posted on 14-12-2015 at 10:37 by sir_smokalot – 72 Comments”

Oil is going down! The price for a keg of black grease fell today for the seventh day in a row, and reached a 7-year low. This is good news for anyone who does not have shares in Shell or a Tesla.

The majority of the world oil production comes from OPEC countries. This cartel of oil producing and exporting countries was established in order to simply make more money on the black stuff, but of a cartel seems to for years no longer. Within the organization applies the credo ” every man for himself’, and this divide plays the non-producing western world in the map, because when overproduction lowers the price.

A barrel Brentolie (the European standard which is slightly more expensive than a barrel of American WTI-oil) dropped recently, to under $40, and stays there for the last days persistent. Saudi Arabia continues to produce, Iran (huge inventories) is now, since the sanctions against the country slowly be lifted, and on the other hand, the demand from China. We dived into the statistics, and put in the oil price on the reference date of 14 december of the last 10 years at a glance (click for interactive chart):

You see, we are now even under the decemberprijs of the year 2008. The European autorijder benefits, except in the Netherlands, because here is rumored the there Is an additional round trigger face (the lack of own gasopbrengst must be compensated). Because the Dutch driver, who should always bleeding. Meanwhile, they buy in America, smiling is still a couple of V8 SUVS.

Photo: Saudis in Audis.