Iran, Venezuela, Russia may face pain from cratering oil prices

[J P Sousa]

SAN FRANCISCO (MarketWatch) — Falling oil prices are good news for the average U.S. consumer. But tanking oil is likely to crimp the fiscal budgets of regimes like Iran, Venezuela and Russia — regimes that have proved antagonistic to the U.S.
http://www.marketwatch.com/story/iran-venezuela-russia-may-face-pain-from-cratering-oil-prices-2014-12-01

Awwwwwww....



Rouble suffers biggest one-day fall since 1998 as oil slides
http://www.bbc.com/news/business-30276353

The rouble suffered its biggest one-day decline since 1998 as oil prices continued to fall on Monday, escalating fears about the Russian economy.
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[thundley4]

Falling prices are bad for US consumers in this instance.  OPEC is trying to keep prices low to deter US domestic production and to take pressure off approving the Keystone Pipeline. 

Both of those hurt us more in  the long run.

[J P Sousa]

My stock in an oil drilling company has taken a big hit, but I bought more and crossed my fingers. 


http://www.newyorker.com/news/john-cassidy/opecs-holiday-present-helps-everyone-except-frackers
An unintended consequence is Obama's economy will benefit.

As for fracking,

  A few months of low prices probably wouldn’t have much impact on the fracking industry. It could well take several years for production to decline sharply. But can OPEC live with oil prices under seventy-five dollars a barrel until 2017 or 2018, which is the scenario that the futures markets have been pricing in over the past few days? 

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[obumazombie]

My first reaction to the title of the thread is...GOOD !

[Lacarnut]

My stock in an oil drilling company has taken a big hit, but I bought more and crossed my fingers. 


http://www.newyorker.com/news/john-cassidy/opecs-holiday-present-helps-everyone-except-frackers
An unintended consequence is Obama's economy will benefit.

As for fracking,
.

History will repeat itself like it did in the 80's. Oil prices will stay depressed. However, the glut will not last forever. The frackers in the US and Canada will cap wells and cease new drilling. This will create a shortage eventually and prices will rise.
Those that think that low oil prices are here to stay are sadly mistaken.

Tens of thousands of jobs will be lost, revenues will go down and many of the small sized producers will in likelihood go under with the big dogs buying up the leases and equipment for peanuts. Exxon and Chevron seem like a good buy (long term) to me.