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March 2, 2022
Investors are nervous.
No one is quite sure what could possibly happen next.
But if it makes you feel better, there’s also a great deal of opportunity to be found.
Oil, for example, just hit $112.03 a barrel.
While that hasn’t hit pump prices yet, it will. In fact, I wouldn’t be shocked to see pump prices hit $5, even $6 at this rate. My neighbor is so aggravated with it, he’s biking to work – 15 miles away. He’s already lost about 10 pounds doing it.
It’s not a bad idea.
My other neighbor decided to walk to work this morning – and he’s red in the face mad.
Unfortunately, I know as well as you do, it could get a lot worse – until the war is over.
“Crude prices can’t stop going higher as a very tight oil market will likely see further risk to supplies as the War in Ukraine unfolds,” said Ed Moya, senior market analyst with Oanda, as quoted by CNBC. “Brent crude could surge to the $120 level if the oil market starts to think it is likely that sanctions will be placed on Russian energy.”
In addition, there’s fear of retaliation from Russia.
All after “Biden announced that the U.S. is following Canada and the European Union in banning Russian planes from its airspace in retaliation for the invasion of Ukraine. He also said the Justice Department was launching a task force to go after Russian oligarchs, whom he called corrupt leaders who have bilked billions of dollars off this violent regime,” said the AP.
That alone could have a massive impact on oil supply and prices.
What may help is a massive increase in US production.
That’s why Senator Joe Manchin is calling on the Biden Administration to increase domestic oil production, and ban Russian imports.
Manchin says the U.S. is importing more than a half a million barrels per day” of crude oil from Russia, even during its invasion of Ukraine. “This makes no sense at all and represents a clear and present danger to our nation’s energy security,” he added.
“The U.S. must ‘ramp up domestic energy production…to both protect our energy independence and support our allies around the globe.’”
While you’ll take a hit at the pump, you could offset some of the expense by investing in domestic oil stocks.
The Dow is up 157 points to 33,424
The S&P 500 is up about 19 points to 4,332.75
The NASDAQ is up about 71 points to 14,076.25
Gold prices slipped by $20.14 to $1,925.16
Bitcoin is down slightly at $43,924.51
Oil prices are up another $6.14 to $109.55
The VIX is up 2.71 points to 32.86
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