(BusinessInsider) Oil’s getting crushed.
This week’s plunging prices come after OPEC agreed not to cut oil production. In other words, they are not making an effort to relieve the oil supply glut that’s been keeping prices low.
At the moment, falling energy prices are basically a tax break for the American consumer.
Longer-term, the danger might be a huge price swing in the other direction, especially if today’s low prices force too many unprofitable producers throw in the towel in the next year or so.
