How much longer can we expect low fuel prices? In theory the oil producing nations could pump less oil and drive oil prices back up.
But they'd all have to do it at the same time. And that's not going to happen. ISIS is selling oil below the official price on the black market. They need the money.
The Russians don't dare pump less. They need cash, too.
Congress repealed a ban on U.S. oil being sold for export. That will keep the frackers fracking.
Of all factors, the biggest is the religious battle between Saudi Arabia and Iran.
The Sunni Saudis are willing to endure low prices if it means low prices for the Shi'ite Iranians, who have been bankrolling a civil war in Yemen, right next-door to Saudi Arabia.
For all these reasons, oil is likely to continue to cost a third of what it did at peak, perhaps even for the whole of 2016, but definitely for many months.
It might even go down some more.
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