* See UPDATES below...
I last wrote about Crude Oil (CL) in my post of August 16.
At that time, I mentioned that it was trading in a "Chaos Zone" in between 80.00 and 100.00.
The monthly chart below shows that CL is trading above 80.00 and is still trapped in that zone.
Joe Biden's energy policy, which hamstrings the oil and gas industry in the U.S., while favouring ESG policies, is totally out of touch with current domestic and foreign economic realities and will, ultimately, cause oil and gasoline prices to rise further (Oil to, potentially, 147.27, or higher), as described in my article.
The following ZeroHedge report refers.
As you can see, Biden has foolishly been squandering America's valuable SPR oil supply (to manipulate the price of oil and gasoline in the lead-up to the mid-term elections in November), with only 22 days of supply left.
N.B. Furthermore, this next article describes, in (excellent) detail, why renewable energy sources (wind and solar) are costly, unreliable, and can't ever provide enough heat energy in the winter...and why fossil fuels and/or nuclear energy will still be required to meet all of America's (and the world's) energy needs.
CONCLUSIONS:
All of this proves that Joe Biden's reckless energy policy has been blown apart, along with his credibility and abilities as a leader, thereby destroying America's former status of being energy independent (created by former President Trump), in the process.
His Trillions of dollars' worth of spending have spiked the U.S. National Debt above a record high of $31 Trillion.
He's painted himself into a corner and compromised America's national security, as well as the prosperity of Americans, in the process. He does not deserve to continue as President.
Look for a "red wave" to occur in the November elections, with Republicans winning back the House and Senate, etc.
* UPDATE Oct. 6...
Why does Joe Biden favour making (expensive) fossil fuel energy deals with dictators and communist leaders, rather than his own oil and gas producers in America...e.g. Iran, Saudi Arabia, Venezuela, Russia (a previous oil supplier), and China (for wind and solar energy products)?
It (he) makes no sense! 😕
* UPDATE Oct. 7...
More idiotic 'wrongthink' from Joe Biden, as described in the report below.
Why has he been hellbent on weakening the U.S. in all aspects, from domestic policies to foreign affairs (e.g., Afghanistan), since he took office on January 20, 2021, when he cancelled the Keystone XL pipeline and gutted the U.S. oil and gas industry on DAY ONE? 🤔
I repeat, ad nauseam...It (he) makes no sense! 😕
Aaand...YES...he really is 'taking Americans for a ride!' 😑
WTI Crude Oil (CL) closed out a very strong week at Friday's after-hours' high of 93.30...and above the "Chaos Zone" mid-point of 90.00.
* UPDATE Oct. 12...
If price on the WTIC:OVX Ratio can rally and hold above the 200 MA at 1.9354, if the RSI holds above 50.00, and if the bullish crossovers hold on the MACD and PMO, we could see WTI Crude Oil bolt for 100.00, or higher.
