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Five Reasons Why Crude is Plunging
- Increasing oil production in the US. The US is on a path to oil independence. This is a good thing.
- Oil production in Russia is up.
- Trump granted significant waivers on Iran sanctions.
- Saudi Arabia, OPEC in general, and Russia all stepped up production based on Trump sanctions that did not fully happen. Europe is working out additional procedures to avoid US sanctions.
- The global economy is slowing. A global recession looms. Barring disruptions, the price of oil will fall.
I will be on Coast to Coast AM tonight (Tuesday November 13) to discuss the energy bloodbath. I am on about four times a month just after Midnight Central for economic updates.
Click on the above link for a local station if you want to tune in. This will be a short call.
In December, I will be on for an extended segment for an hour or more, taking live calls on the economy. The theme will be what's ahead for the economy in 2019. I do not have a date yet.
I disagree with Trump on sanctions and tariffs. Inevitably, both sanctions and tariffs are a tax on consumers or businesses in one way or another.
For every steel or aluminum US employee, there are dozens of US manufacturer employers that use steel and aluminum.
Herr's a Tariff Scorecard: 57 Companies Bitch About Trump's Tariffs, 7 Give Positive View
Trump has not brought back a single US job with his tactics.
GM and Ford both complain. For discussion, please see Auto Truce is Over: Trump Again Threatens the EU, Japan with a 25% Tariff.
In an unrelated subject, please check out and subscribe to my Photography website, Mish Moments.
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What to expect: I write 3-4 economic posts a day.
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Mike "Mish" Shedlock