Fundamentals say watch for higher prices in 2023

It seems to me geo-political events can move the price of oil 5-10 percent. Fundamentals can move the price of oil 20-50 percent. Combined they could have an even bigger effect.

One of the key fundamentals is The Law of Supply & Demand.

The IEA reported total oil stocks have not been this low since 2004.
https://bit.ly/3PoLb8w
In 2022, the USA is consuming over 19 and a half million barrels per day.
https://bit.ly/3j0XdZG
And producing just over 12 million barrels per day.
https://bit.ly/3j2ognu

The American oil and gas industry is struggling to increase oil production and, with the turmoil overseas, it seems very dangerous to be dependent on unstable and unfriendly countries to supply over 7 million barrels of oil a day the American economy needs to keep growing.

2023 could see record oil prices.

Thank you for watching.

#recession #inflation #stagflation #hyperinflation #energy

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This video is meant for educational or entertainment purposes only. This video is not a solicitation. I am not a lawyer, CPA or financial advisor and I am not giving legal, financial or tax advice.