OPEC's dominant role in the global oil market is in serious jeopardy.
For nearly half a century, the oil cartel kept a tight check on prices, keeping them from falling too low or rising to unsustainably-high levels.
But OPEC's power is being challenged by the surge in North American oil production.
We in this country are largely energy independent. We do not need any oil from anybody, although we still import a small amount due to refinery issues.
So, OPEC, even if it continues to exist, has little effect on us, as they did in the 1980's
China on the other hand is totally dependent on OPEC oil and should be worried.
Another situation where supply side economics does not work. Like Global Warming, Repugnicans will bury their heads in sand and continue to claim that more supply will create more demand. Just try telling this to the petroleum workers in North Dakota, Texas and Pennsylvania who will lose their jobs as employers shed jobs due to the high cost of oil production. If you don't have money to spend you can't create demand for products that people can't afford to buy.
Of course this article is completely reversed on what is happening.Thousands are going to lose their jobs due to low price of oil in this country. Hundreds of thousands if it hits $20 a barrel. This will break the US dollar, plunging America into a depression like it has never seen. End of the petrol dollar is what is happening and if you don't see that, then you are unprepared.