Why Should We Care if Oil Giants Are Getting Crushed?

by Rick Ackerman

With the whole world rubbernecking at the scene of crude oil’s crackup, you could lose sight of why it matters. Listening to Trump fret about it tells us nothing. He has endorsed collusion by energy suppliers, the better to push prices back up to…whatever. But he hasn’t said why this would be a good thing. It’s not as though we’re all feeling sorry for the likes of Exxon and BP just because the value of their inventory has imploded. Unfortunately, the benighted hacks who invent the news are too lazy to give us the real story. They’ve never been able to explain, even, why the price of gasoline sometimes fluctuate violently over a range of $1.00 or more, or why natural gas prices can crash without reducing our heating bills by a dime.

Continue Reading at RickAckerman.com…