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Oil Price Plunge? It’s The Global Economy, Stupid!

By Ilene
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Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

The decline in the price of oil – in the face of surging geopolitical pandemonium – has been lauded as indicative of both US' awesomeness in energy independence and a tax cut for Americans… but, as the following chart suggests, there may be another – much more realistic – explanation for why oil is plunging… demand!

World GDP expectations for 2014 just tumbled to their lowest since estimates started…

Maybe – just maybe – that explains the price of oil…

Charts: Bloomberg

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