(Recorded on 09/19/23) Topics covered on this video coaching call In this live webcast, trading coach Jerry Robinson discusses the $33 trillion U.S. national debt, surging crude oil prices, the epic U.S. dollar rally, and much more. Later, he provides an update on...
The Financial Times is reporting that OPEC members, led by Saudi Arabia, will earn more than $1 trillion in net oil revenues this year, which is a record. Depite weak economic growth around the globe, the price of Brent crude oil continues to flirt with an all-time high price level.
In 2012, the average price for a barrel of Brent crude oil was $111.50. Some analysts expect the average price per barrel to increase even higher in 2013. According to the IMF, Saudi Arabia needs oil prices to average at, or above, $80 per barrel in order to balance their budget. Just ten years ago, the Saudis could balance their budgets when oil averaged $25 per barrel.
OPEC’s record-breaking oil revenues for 2012 represent a 400% increase in just one decade. (In 2002, OPEC reported revenues of around $200 billion.)
This data indicates that America must break its addiction to foreign oil sooner rather than later. It is becoming more paramount than ever before.