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The price of Crude fell another 7% today. It's down 28% since October 3. What's going on?

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Five Reasons Why Crude is Plunging

  1. Increasing oil production in the US. The US is on a path to oil independence. This is a good thing.
  2. Oil production in Russia is up.
  3. Trump granted significant waivers on Iran sanctions.
  4. 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.
  5. 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.

Tariff Scorecard

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.

I write 1-2 photography articles per week. I do not sell or distribute your email address ever.

Thanks.

Mike "Mish" Shedlock

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