Who?

The effect on Russia is secondary to the effect on US and Canadian oil/fracking interests. This is an all out attack on the Ellis Wyatts of the world. We used to have such an Ellis Wyatt here in the Gulch, but he left because of some of the attacks by trolls.

You might have read it from me. Oil went down from $50 to $8 per barrel to shut out US production. This is a repeat to keep US frackers and Canadian (mostly Albertan) oil out of the market.

Back in the 1990s, I made a decent percentage of my net worth betting that gasoline prices would go up between February and May. That still is an outstanding bet. Now that I have a lot more money to protect, it is a little harder to take such a risk, but I am currently considering it.

I have a customer who is in the oil business and I asked him that question. He said the drop in prices is designed to hurt Russia and it is part of the conomic sanctions resulting from their actions in the Ukraine. I think it's a two for one for Obama. I'm guessing he would be fine with the fracking companies suffering as well.

Gold, why do you write in the third person? Just curious

I read somewhere (please don't ask me where) that the Saudis drove prices way down in the 80s in order to put American oil producers out of business, and it worked. The article speculated that that is what has happened again, as the frackers need a certain price for their oil in order to be profitable.

The recent dip in oil prices was unsustainable. China is building too many roads. $5Au bought more oil stocks at the bottom. Had he known it was the bottom at the time, he would have bought more. But that's the way it goes with investing. Always estimate the risk/reward. The decline in oil prices was about as close to a sure thing as you will find.

I just think there may be a deeper economic factor.

In the winter months, refineries shift production to more heating oils. As well, some 13 refineries are in labor battles now that aren't resolved.

Yes

That's what I'm wondering...

And?