How high is oil? It drops $2.41 / bbl and it's still above $81.
Recession?
Recession? With regard to the current economic cycle I first mentioned the "R" word back in August, 2021. Some argue, and rightly so, if a recession is indeed in the cards, blame the high cost of energy, especially gasoline, here in the states. "GasBuddyGuy" tweeted yesterday that Saudi Arabia, sitting on tons of spare capacity -- defined as 30/90 -- and showing no signs of a willingness to release it, will result in a recession.
The last thing Saudi Arabia wants or needs is a recession because they sat on all that spare capacity. And there's the rub. For sake of argument, let's play devil's advocate.
Let's say Saudi Arabia sees the same chart we see above. Let's say they buy into "GasBuddyGuy" that by not pumping / exporting more crude oil, Saudi Arabia's inaction will lead to recession. If so, wouldn't Saudi Arabia start producing / exporting more oil? It takes awhile to ramp up. Playing devil's advocate, if Saudi Arabia knows that a recession looms because it is not producing more oil, this tells me only thing: link to Simon Watkins.
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The Witches Are Watching
Grapevine Lake, TX -- swan song for the season, 2021. There is talk of a "Polar Bear Plunge" on New Year's Eve / Day.
It aint a polar plunge til ya gotta cut a hike in the ice!
ReplyDeleteWith global warming, no more polar ice for the polar bears.
DeleteYeah, polar bears dont seem to be to distressed about it
ReplyDeleteI'm certainly not. LOL.
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