Petrol prices

[fazersharp]

[quote author=noggythenog link=topic=15448.msg177480#msg177480 date=1418758703]

im with you here....I was wondering earlier about how much of this is to hurt Russia too as they are now struggling again with the drop in what they can sell their oil and gas for.

Oil prices dropping to half their level of just a few months ago doesn't strike me as a ploy to hurt Putin. Isn't it all to do with the U.S. going nuts for fracking, and so being able to tap in to massive reserves? But it has destroyed Russia's economy for sure by the look of things. But Europe's is in turmoil, and the Chinese economy is on a slow down. So where is it all headed? China was supposed to be the new giant, is it just a blip for them?
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I think Russsia  is just a by product of what is rearly happening, its an OPEC plan to destroy american fracking production because it is such an expensive way to produce, some producers need oil to be over £100 a barrel to be viable. OPEC has just met and decided not to cut production which would of put the price up which would help the american wells.