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The reality of plunging crude

Desperate for an upside in a downside economy, U.S. consumers have found solace in plunging oil prices, which some analysts believe may dip below $25.00 per barrel in the coming year. Crude’s freefall, resulting from a commensurate reduction in global demand, is a direct reflection of shattered markets, shuttered plants and surging unemployment. In the greater Middle East, where the jobless rate averages a reported 15 percent, declining oil revenues among the wealthier Gulf nations wil likely affect development throughout the region, creating conditions that are politically and socially unstable. When OPEC members meet next week to determine output reduction, the severity of the cut may be more than a matter of money, but security.