Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary.
Oil rises as Ramadi falls as this markets price action continues to defy the calls for an oil price crash. ISIS forced Iraqi security forces to flee the largest province in Iraq despite help from U.S. air support.
The Iranian Rial has just suffered one of the most cataclysmic crashes in the recent history of the foreign exchange markets. It was off 25% last week, and has plummeted a mind-numbing 72% since the beginning of 2011. Watch out Zimbabwe!
With oil (USO) getting ready to take a run at $100 a barrel once again, the first thing I do when I get up every morning is curse the oil companies as the blood sucking scourges of modern civilization. I then fall down on my knees and thank goodness that we have oil companies.