Wall Street Is Not Understanding Why Oil Prices Are Crashing

We are trading just under 50 dollars per barrel. Of course most people are still talking about how great low oil prices are going to be for the U.S. Economy. But again, not understanding why oil prices are coming down.

Sure, lower oil prices will be a consolation prize, it will be a benefit but there are going to be many things that are going to be happening that will more than offset that benefit. Just the way falling oil prices in 2008 were a benefit but they did not stop the stop financial crisis and it did not stop the Great Recession.

Related: Nymex Crude Oil Futures, United States Oil Fund LP ETF (USO), Energy Select Sector SPDR ETF (XLE)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.