Yep---all lines up with what I have heard and read.
It is really a combination of 2 big events.
1-China has an economy that is really slowing down. They have become the world center for manufacturing and either the world is requiring less or the world is looking elsewhere because of the poor quality of the items produced. Their lack of demand is producing a glut of oil combined with factor #2
2-The US has discovered how to mine oil in the Dakodas, Montana, and all the area up there. They always knew there was oil there, but it was contained in shale (rock) and was not able to pump out in convention methods. Then in the mid 2000's, somebody figured out how to pump steam underground and extract the oil from the rock and suddenly the US has become one of---if not the largest oil producers of oil on the planet---again. They are now controling the market more than OPEC. When I was on the Victory boards, there were a number of roughnecks that moved there for the "boom"---they said that if you could weld 2 pieces of metal together, you could get hired at a base pay of $35 per hour with all the overtime you desire. One guy paid for his Victory Vision in a few months.
http://www.ibtimes.com/hard-times-bo...dakota-2224834
I read a lot---maybe too much.
Originally Posted by Old Ryder
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