Crude is below $60. Literally everything you've been told before about energy is wrong right now.

[joshcryer]

54. I would be surprised if the US or Kerry had that influence anymore.

I personally think that it is a reaction to US oil production, and an attempt to scuttle it, since it's been the main driving force for excess oil production. US / Canadian oil is profitable above $60 / barrel. They've hit the mythical sub-60 price point now but Bakken and Canadian production can continue until $55. And Bakken will continue for a year or so since most of the costs there are sunk costs.

I think it's a coincidence. It just so happened that Russia was meddling in another country when shale and tar sands brought prices down in the US. The US is reducing oil consumption by 100-200 million barrels a year. It's not a lot when you consider the billions the US consumes, but it's a slow and straight trajectory to zero, which isn't very palatable to middle eastern interests. I personally believe they're trying to keep us from getting there sooner rather than later. And they certainly fear the exploitation of harder to get shales in the Green River Formation, which renders foreign oil irrelevant.