Good morning. At 9:20 a.m. ET DOW futures are +17 and the price of oil per barrel is down. The market is poised to open slightly higher.
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3 comments:
Why do gas prices surge when a Repub. is President and fall when a Dem. is in the WH? I thought all that deregulation and the subsequent drilling would glut ssupples and drop prices especially since cars are far more efficient even gas ones and the electrics are starting to slowly catch on. Doesn't make any sense.
I don't think the WH hasn't anything to do with it. It was the Saudis who opened their spigots to flood the market with oil, create a glut, and drive out competition. The Saudis can make money on oil, don't quote me here, but I believe it's around $15 a barrel. Most operations need oil to be in the $60 to $80 per barrel range.
I believe what happened was some type of agreement to get the Saudis to stop the flooding, this involved the Russians too. As we presently have a pro-Russia president, it would not surprise me that Trump is greasing the wheels to help this all occur. Trump publicly has stated he believes that the price of oil is inflated. This is not true. The glut is almost over, the price of oil is going up, and privately I would suspect Trump is happy to see it happen. Trump is simply saying this to, of course, appease his rabid cult base.
We have to also remember that Trump is doing all he can to stall green renewable energy. Just look at the EPA right now, it's meaningless and going back in time about 100 years. Trump is pro-coal, anti-global warming, and pro-oil all the way.
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