It's been fun watching the clown show re oil and gas prices over the last few weeks... as the market has "opted" to behave like it matters what Biden says about it...
I've avoided posting re the mockery Biden's made of himself and American influence over the last few days as he "fixes" the problem with inflation being "driven" by oil prices being too high...
Zero Hedge has lots of that, though, if you want it...
The "diplomatic success" touted yesterday, of coordinating what boils down to a pathetic symbolic protest essentially both declaring and proving ignorance and impotence in parallel... seems it defines an end point in the fiction... as the various politicians posture, act impotently, and declare victory... having "done something about it"... which they hope will be enough to delude voters... or, in China's case... delude others voters...
Reality continues to be... OPEC+ still controls the last market that "the bankers" have failed to capture...
It is oil prices... and not interest rates... that provides "governance" of global economic activity by the price of oil and gas altering analysis of costs in alternatives...
And, after a couple of weeks of clown like antics and posturing from Biden and crew... and others of like mind... who are not actually in control of oil prices at all... Biden's Oil Price Smoke And Mirrors... seems it is now ending:
Saudis, Russians Consider Pausing Oil Production Increases In Retaliation To Biden SPR Release
The Obama / Biden team have shut down American oil production, prevented pipelines being built, and told the oil industry it will not in future be allowed to make money from oil... while leasing has been terminated...
And, after doing everything possible to end American energy independence... now pretend that, without it, they can dictate anything to anyone ?
Don't ignore what they say... but notice what they do... and bet that actions imposed have greater consequences in the long term than their words do (or not) in the short term...
Unlike the Fed... OPEC is actually pretty good in being transparent about their policy and its goals...
So, if you're looking for a market that's not manipulated... well, good luck with that...
But, if all you're looking for is a market that's manipulated... less dishonestly... ???
Long oil... as its the best known inflation hedge... until there's a real reason not to be...
That "reason" is not likely to even become a potential risk... until next summer...
Oil over $90 before the end of January ? |
