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As usual, we are given crisis after crisis to divert our attention from what we really need to follow. While Ferguson, the $18 trillion national debt and poor Christmas sales occupy our news cycle, the reality of falling oil (and other commodities) should have our complete focus.
Most people believe the falling price of oil is a Christmas present. But for Russia and Iran, it means the distinct possibility of economic collapse. Their only option is war.
The price of oil also signifies the complete demise of US shale oil production. No one can operate at a loss and our “energy independence” has become a pipe dream.
The Cold War 2.0 is going hot, and while it may someday be fought with planes, tanks, guns and bombs, the first front is being fought with oil and shale gas.
The U.S. and European sanctions against Russia will become more severe and crippling in the face of drastically falling oil prices – prices which are falling drastically because of the unprecedented boom of shale gas fracking both domestically in the U.S. and abroad in Ukraine and other locales. The oil & gas giants like Chevron and Exxon Mobil have created revolutionary conditions with now direct consequences on U.S. foreign policy and global war for dominance.