Oil Is Slumping, Not Crashing

Our friends in OPEC are worried:

Saudi Arabia is pushing for a major short-term oil production cut as it seeks to respond to the impact of China’s deadly coronavirus on crude demand, according to OPEC officials….Representatives of the Organization of the Petroleum Exporting Countries and its allies are set to meet Tuesday and Wednesday to debate possible action after the outbreak originating in China, the world’s largest oil consumer, contributed to a sharp drop in crude prices.

Hmmm. It doesn’t look like all that sharp a drop. There are about five similar drops over the past two years, and none of them required a plague outbreak. So maybe January’s decline is just another ordinary little slump caused by a so-so global economy and an increase in American spare capacity thanks to fracking.

Or maybe we’re all going to die. Your choice.

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And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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