OPEC Crude Oil Slides Below $30 -- Lowest In Almost 12 Years -- January 7, 2016

Bloomberg/Rigzone is reporting:

The price of crude sold by OPEC members slid below $30 a barrel, the lowest level in almost 12 years, as turmoil in Chinese markets deepened the global commodities rout.

The daily basket price of crudes produced by the 13 members of the Organization of Petroleum Exporting Countries fell to $29.71 a barrel on Wednesday, down from $31.21 the previous day, the group said in an e-mailed statement.

That’s the lowest level since February 2004, according to data compiled by Bloomberg. Oil has slumped further this week as a selloff in Chinese markets added to concerns about the strength of the nation’s economy.

WTI crude, the U.S. benchmark, has had its worst-ever start to the year, deepening the economic pain for OPEC’s weaker members such as Venezuela.

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Bogus? CYA? Political?

Bloomberg/Rigzone is reporting that the EPA may revise "safety" findings regarding fracking.

When the agency took a broader look at the entire water cycle around fracking -- from getting water supplies to disposing of fluid waste -- it documented instances where failed wells and above-ground spills may have affected drinking water resources.

Sounds fair and balanced.