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Problem: a barrel of oil cost less than a bowl of chili

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The worlds biggest oil companies faced ruin in the summer of 1931. Crude prices had plummeted. Wildcatters were selling oil from the bonanza East Texas field for a nickel a barrel, cheaper than a bowl of chili. On Aug. 17, Governor Ross Sterling declared a state of insurrection in four counties and sent 1,100 National Guard troops to shut down the fields and bring order to the market. A month later the Railroad Commission of Texas handed out strict production quotas.

Read more: The Relentless Production of Shale Oil Is Breaking OPECs Neck. http://www.businessweek.com/articles/2014-12-11/shale-oils-relentless-production-is-breaking-opecs-neck?google_editors_picks=true


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The marketplace is a cruel, unpredictable place. A recession/depression/panic/whatever is a cruel commercial environment for all.

But there are a lot of good Saudis, Iranians, Russians, etc. out there that are having their problems along with the bad guys.

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