I think the TSX is down so that the US can run damage control of the OPEC and Russian oil production cuts. Canada is the largest supplier of foreign oil to the US. Having the Canadian exchange down today is just too much of a coincidence, I think a deliberate act.

Read and become informed on oil from this offical US gov website. Use the pull down tabs for the production numbers, drilling activity, costs, reserves etc.

http://tonto.eia.doe.gov/dnav/pet/pe...

Use the " history " to see the changes that have occured in the past decade.

Look at the similarity of the US production history and put that into a global perspective.

Since 2000, US oil production has gone down about 40% while costs / ft have doubled and the average hole has increased in depth. Total footage drilled has trippled, yet reserves have only been barely maintained.

Global peak oil is being delayed only... and low oil prices will only reduce the production mid term. Short term gain for long term pain! The savings in oil will pay for the financial bailout via puting $500 billion in US consumers hands via lower gasoiline prices and heating costs... but this will also hamper the Obama plan to become less dependant on oil and build out infrastructure.

The lower oil price has already delayed many oil sands projects and reduced drilling for conventional oil.... I expect that if the traders push oil into the $20- 25 range we will see the oil sands shut down completley for 3 to 4 months.... to restart in the spring/ summer.

JMHO