Over the Thanksgiving holiday in the United States, Saudi Arabia blocked a proposed production cut by OPEC, sending oil prices plummeting around the world. As I write this the price of oil and gasoline futures are in collapse. West Texas Intermediate (WTI) futures are down over 10% to $66.15 a barrel on the near-month (January 2015) contract, Brent is at $70.15, and gasoline futures are down to $1.90.
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