From the New York Times:

Oil prices plummeted on Thursday, falling below $70 a barrel for the first time in 16 months, and prompting the OPEC cartel to call for an emergency meeting next week.
--snip--
The drop in prices has already created problems for producers, who have become accustomed to high prices. Iran and Venezuela both need oil prices at $95 a barrel to balance their budgets, Russia needs $70, and Saudi Arabia needs $55 a barrel, according to Deutsche Bank estimates. Algeria's oil minister, Chakib Khelil, estimated on Thursday that the "ideal" price for crude oil was $70 to $90 a barrel.

I feel so terrible for this industry. $4B in proits for the last couple of years, and now oil's down below $70 a barrel and they're ready to go on welfare.

Let me ask this question: if the price of oil is plummeting, how come it's still $3.50 a gallon for gas?

Labels: New York Times, oil