Originally Posted by
aerospacepilot
The way I see it, OPEC just lost 4 million barrels a day x $40 a barrel, or about $160 MILLION dollars every day, or $58.4 BILLION dollars over the course of a year.
Oil prices are not controlled as much by the supply side as they are by the demand side. We could have even more influence on oil prices than OPEC does. If we keep our consumption low, who cares if they cut production. They are just taking money right out of their pockets! And we should all just stand by and let it happen.
Losing 59 Billion is a tough break for them. It'll be even tougher when we start using alternative forms of energy. Does anything grow out in the sandbox?