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05 December 2008

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I read something yesterday that oil could go as low as $25.

While such prices are great for consumers, they will mean a lot of lost jobs in the US domestic oil sector, which is something we don't need right now. And it doesn't end with the energy industry. For example, I have family in the domestic steel industry and the low energy prices and weak economy have essentially killing domestic steel production until the spring at least. This summer when oil was expensive, US steel plants could hardly keep up with demand because imported steel was expensive because of high transport costs. Now imported steel is cheaper than ever.

So I think there is such a thing as oil being too cheap and I hope the industry is able to moderate the price decline to a reasonable level.

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