longtermgains

The ruble has already fallen 13% against the US dollar since August 1. Now with oil prices still dropping, it's threatening to devalue the ruble further, as much as 30% against the dollar. Even if oils stabilizes right now, Russia will remain in trouble. They need oil to rise and rise fast - doesn't look like that will happen any time soon.

buildingup

I didn't realize that Russia was so dependent on the oil industry. I have always associated oil more with the middle eastern nations. Guess I'll have to do some research.

MakingUpRules

I knew that they produced a lot of oil, but I didn't even think to see how they were doing with this whole crisis. My curiosity is, how were they doing a couple of years ago when oil was at this price the last time? If they were ok then oil isn't the only thing at issue here, and so I wouldn't feel as sorry for them on the oil front.

longtermgains

That's a good point, MakingUp. I'm sure the global crisis has a certain amount of fallout in Russia and I'm sure the recent conflict in Georgia played a large part in whatever problems they are having, as well.

InvestForFun

If that's the case, the Georgia conflict then I really have no sympathy I'm afraid. Beyond that, we are all suffering, the only difference being the high level of poverty they were already under.

GeorgeV

With a lot of people here going to "green" energy, oil is going to be at the same price for a while. But on the other hand there are still many areas, including the US and Russia dependant on fossil fuel and will be for some time to come. Yes, the situation in Georgia has hurt but oil is always a keeper.