What was the oil crash of 2008 when oil sales gone way down in 2008

[Parker99]

I read there was oil crash of 2008 when oil sales gone way down in 2008 what caused that?

Why did oil sales gone way down in 2008 what happen to the world?

 

[Thunk]

House prices dropped which "could not happen"...CDO's and MBS's failed which caused banks to collapse (we even lost banks that had survived the great depression such as lehman brothers and washington mutual). Banks were not issuing the letters of credit needed to unload ships so ships were sitting in port fully loaded & not knowing what to do. The economy had a full blown heart attack...Millions lost their jobs so millions were not driving to work every day so demand for gasoline collapsed.

 

[Thunk]

What Bush Jr. did should not have worked. Once a bank run begins...you can't stop it.

2008 "should have" been the economic end of the world. Somehow, thru the grace of God and trillions of dollars printed...we got thru it.

 

[Parker99]

House prices dropped which "could not happen"...CDO's and MBS's failed which caused banks to collapse (we even lost banks that had survived the great depression such as lehman brothers and washington mutual). Banks were not issuing the letters of credit needed to unload ships so ships were sitting in port fully loaded & not knowing what to do. The economy had a full blown heart attack...Millions lost their jobs so millions were not driving to work every day so demand for gasoline collapsed.

And this effect many countries around the world that gone into a recession?

What happen to energy crisis of 2008 when energy crash? What caused that?

 

[Thunk]

What happen to energy crisis of 2008 when energy crash? What caused that?

Read the last sentence of post #2

 

[elektra]

What Bush Jr. did should not have worked. Once a bank run begins...you can't stop it.

2008 "should have" been the economic end of the world. Somehow, thru the grace of God and trillions of dollars printed...we got thru it.

Just like we got thru it when Bush Sr. did the exact same thing. Like father like son.

 

[Thunk]

MANY on wall street became pizza delivery drivers.

Go back and search for "JIM CRAMER MELTDOWN". The dude had a complete freak out on live TV over everybody on wallstreet losing their jobs.

It's also known as "THEY KNOW NOTHING"!

Now when you lose your job you are not driving to & from work (less gas used)...you are not buying stuff (less delivery to homes and stores...less diesel needed).

You are not flying on business or vacation (less jet fuel used).

Prices come down because very few are buying or traveling.