Even Luxembourg peaked after oil prices collapsed:

Ag slowdown imperils state revenue

By Donnelle Eller

Oct 12 (Des Moines Register) — Money coming into Iowa’s government coffers was flat the first quarter of this fiscal year, raising concern about how big an effect the slowing farm economy could have on the state budget.

State revenues — income tax paid by workers and corporations, along with sales tax paid at malls, restaurants and bars, among other sources — hit $1.77 billion since the start of the fiscal year July 1. It’s about even with revenue received this time last year.

But the state’s $7.17 billion budget is built around getting 6 percent more revenue this fiscal year than last year.

Gov. Terry Branstad and state budget and legislative leaders say they’re closely watching receipts but add that it is too soon to be alarmed.

PC Shipments Continue to Slump

By Anne Steele

Oct 8 (WSJ) — International Data Corp. said shipments fell a larger-than-anticipated 11% to 71 million units in the third quarter, while rival researcher Gartner Inc. said shipments totaled 73.7 million units, down 7.7% from a year ago. Both firms said Thursday that many users opted to upgrade existing PCs with the Windows launch rather than purchase new hardware. Gartner added that it expects the Windows 10 rollout to bolster holiday sales, while IDC said the new software and chips “may represent the most compelling reason we’ve had in years for consumers to upgrade their PCs.”

Remember when this was associated with housing?
;)

The Saudis did increase their discounts substantially for November delivery, which, all else equal, should bring price down fast until the change course. It took a few days for markets to react, but it may have started today: