Oil drops as Saudis resist calls for output cuts
How long did the world wait and nurture the Saudi regime in an effort to have oil. It used to be, the USA global user of oil and the USA no oil output as it should be. We have always had minerals here in Wyoming and we had an oil economy before, then it crashed. Many Wyomingites who worked the oil, coal, and gas faced slow downs and layoffs. But we recovered and today the oil and mineral economy is here. Those who saw the trouble before in the oil economy would say they would take care of the next big oil boom if it comes. Well it has been here and as it is today while the prices for oil have dropped some 50%, the USA has produced more oil than the last 30 years. I can tell you from around here, companies are starting to get cautious about the oil drop; that is according to a businessman here who keeps tabs on the economy. He builds custom homes and for him, when trouble is on the horizon; they are careful. If it goes down more, you bet there will be slowdown. But the way out of state investments seem to be flowing into the state, someone believes the profit margin will be there to stay in the foreseeable future.
WIBR/WARN Commentary on Oil drops as Saudis resist calls for output cuts