by Chris Black
The Russia sanctions work really well, isn’t it folks? We stand with Ukraine.
When Donal J Trump was forced out of office in January 2021 the average price of oil was $55 per barrel. Now it’s skyrocketed up to $130 per barrel.
Now they are projecting $200 per barrel. That’s 3.6 times as much for the same amount of oil.
— Margaret Auburn Grad 🦅🐅🦚🅿️ (@MargaretAUGrad) March 7, 2022
If Goldman Sachs says oil is going to $200 by the end of the year, it will be there by Friday.
They don’t care. The chance to make 60% on billions of dollars worth of contracts in a week, is too much of a draw.
Gas shot up over $4 at every station near me. Many are charging $4.19-4.29. A week ago I could still find gas for $3.20.
All trading in commodities should have been suspended at the start of the conflict. The idea that an increase in price will curtail demand for an essential commodity is absurd.
In the world of the stock market, an increase in price increases demand for contracts exponentially, as everyone rushes to make money, thus distorting the market far beyond what true demand would warrant.
People need to eat and they need to drive.
If oil was $30 prior to Covid, how could you possibly make the argument that the market post covid could justify $80 oil?
The West’s reaction to Russia has guaranteed the next leg lower in the global depression.