The price of oil has fallen below $40 a barrel. While the lower cost of gasoline is making it easier for us to get around, and keeping prices of transported goods lower than they would be otherwise, the are serious problems with oil being so low in price.
The oil price reflects increased production, but that is not the main reason for it lowering. Demand is decreasing. Further, with new energy technologies being introduced, the demand for petroleum products will decline even more.
The dollar has been tied to oil, and forced on the oil trade until recently. Now other currencies are being used to buy and sell oil. The dollar has actually strengthened as it and the U.S. stock market have still been the “safe havens” for money around the world during a time of economic uncertainty.
However, the debt bubble may be about to burst, which could seriously change the world’s financial markets, including the consumer market.
Economic change of major proportions is unfolding. Preparations are required to come through this without devastation.
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