Energy Sector Woes Continue To Weigh On Market As Risks Of Default Increase | Seeking Alpha
Chris Puplava has written an outstanding article about how oil prices have fallen so far and so fast. This happened to a lesser extent in 2011 and 2012 when speculators sold off massive long positions. I have made money on oil in the past and I have lost money. It all depends on being on the right side of the trade at the right time.
Chris mentioned that we also have a high oil supply chart while demand for oil has been dropping. He stated that Americans are using 2 million barrels of oil less today than we used in 2007. This is also at a time when America is pumping millions of barrels of extra oil that we have not had in years. Moreover, electric cars and natural gas vehicles are finally having an impact. Therefore, oil will probably be a losing trade for quite a while.
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