Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!
Donald J. Trump
President Trump gave Saudi Arabia a big shout out for helping to push crude oil prices lower. There is no doubt Saudi Arabia reacted to persistent demands from the White House to push the price lower, coupled with US production it’s worked big time.
For all the attention given to the selloff in stocks, what’s happening with crude oil has to be chalked up to supply, but the 28% plunge in West Texas Intermediate (WTI) in just one month is remarkable.
The conventional wisdom on Wall Street was WTI was on its way to $100. Wall Street was wrong about that, but Wall Street is wrong on so many things. We knew the global economy was slipping fast, but maybe it’s worse than anyone has modeled, including the Federal Reserve.
If the plunge in crude oil doesn’t get the attention of the Fed, maybe the slouching housing market and spirally stock market will.
“Recession is so far in the distance I can’t see it”
No America isn’t going into recession unless the Fed pushes us there.
West Texas Intermediate
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