Wow. Oil is suffering a major, MAJOR, shellacking, down 35% in less than four months. Just in the past two days it's fallen almost $10. It's a major panic taking place right now in the oil markets absent any world-wide economic collapse.
Although this drop in oil bodes well for us at the gas pumps, it's going to lead to major dislocations across the globe, not only in the case of Russia and Iran and Saudi Arabia which rely on its income to plug budget holes, but because many banks have exposure to oil companies have bought junk bonds and may have to sell them.
Look out below!
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