The Great Deal In Crude Oil

The Great Deal In Crude Oil

Henry Clay was the prominent figure in American history. Aside from running for president unsuccessfully five times, he was a representative and senator from the State of Kentucky and served as the Speaker of the House of Representatives. Clay served as Secretary of State under John Quincy Adams, but his greatest legacy may have been his ability to broker an agreement during the Nullification Crisis when South Carolina declared that Federal tariffs were unconstitutional and therefore null and void within the borders of the sovereign state in the 1830s. Clay also brokered agreements on slavery; he was instrumental in the Missouri Compromise of 1820, the Compromise Tariff of 1830, and the Compromise of 1850 to ease social tensions. Clay was "the great compromiser" who said that "I'd rather be right than be President."In an episode of Curb Your Enthusiasm comedian Larry David quoted Clay incorrectly by saying that, "a good compromise is one where both sides are dissatisfied with the result." Clay may have never uttered those words, but he lived his life and legislated on behalf of the American people in that spirit. When it comes to the $50 price level for crude oil, it is starting to look and feel like a great compromise. After all crude oil at fifty bucks is half the price it was in June 2014 which is a price that makes consumers reasonably happy. At the same time, it is almost double the price it was on February 11, 2016, making it acceptable for the world's producers. While the price makes neither the producer nor consumer wild with glee, it is a level both can tolerate which amounts to a great compromise.