CNBC says it is trying to tell the ‘good news’ about lower oil prices for the US economy today. As the host puts it: “The story we are trying to tell this hour Larry, is not some dire story, not bad news, the American economy is still doing great.”
Oops, this oil man was not helping their thesis…
Larry Oldham, Former President & CEO, Parallel Petroleum, discusses the impact of low oil prices on all segments of the Texas economy. Here is a direct video link.
Meanwhile, oil rigs shuttered to date, are not yet putting a damper on gushing supply in America. This on top of record high inventories already. Where in world to store it all?
Chart courtesy of zerohedge.com