Mad Money financial guru Jim Cramer (Boo-yah to you, Jim) says the recent giant drop in oil prices isn’t about Saudi Arabia or even Middle East oil in general. Cramer says it’s not a Saudi decision that’s doing it, because they don’t export enough to us anyway to “destroy our booming domestic drilling industry.”
The US is getting cheap prices because the rest of the world is in a slow down. Less economic activity means less demand for oil. And because the US boom Cramer references is so strong that the US is still importing oil. Plus there’s a surplus of oil here in the States already. Cramer says we don’t even have the storage “to get this oil to market… and the price discounts that are available…are well below what the Saudis are charging.”
