Oil Remains Cheap, and Petrostates Remain Screwed

According to Reuters: Oil fell to its lowest since late November on Thursday, as concern over rising global supply and stubbornly high inventories effectively wiped out most of the gains made since OPEC announced its first supply cut in eight years. Brent crude oil remained below $50 - a price level that is catastrophic for …

What oil prices mean for geopolitics

2003 was a different era.  The U.S. waged a war of choice in Iraq; Putin's Russia was seen as a paper tiger; China's economic boom roared but didn't threaten; Dubai was unknown; and the United States seemed like it would forever be an oil importer. Much has changed.  But today, the price of oil dropped …