It’s not been easy for the average American recently as the one thing that makes or breaks us is the price of Gas. Momentus gains in the last few weeks have had Americans feeling on edge as the price went up and up with no end in sight. But over the last few days, we have seen fewer overnight rises and more drops. At its peak, the price of a single barrel was $130, but now prices are starting to settle at $96.44, but we have just recently seen a 6% drop to $95.40. This is why Americans are seeing a price drop currently.
Speculation right now says the price drop is due to the slowing of China’s demand for oil. It currently ranks 2nd as the world’s largest oil consumer. With the siding of Russia and recent talks of Saudi Arabia alliance China will be supplied with plenty of oil. This, of course, is all just current speculation, of course. Currently, Saudi is talking of ditching the U.S. Dollar for the world’s oil currency which could be detrimental to the U.S Economy. If they move over to the Yuan (Chinas currency), it will make China the global leader in market exchanges. [Source Fox Business]
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Investor’s Edge with Gary Kaultbaum can be heard on weekdays on MoneyTalk 1010. Gary Kaltbaum is a registered investment advisor with more than 30 years of experience in the markets. He is the owner and President of Kaltbaum Capital Management, a financial investment advisory firm headquartered in Orlando, Florida. He is a Fox News Channel Business Contributor regularly appearing on Fox News Channel and the Fox Business Network. In addition, Gary is the author of the book “The Investors Edge” and the host of a nationally syndicated radio show with the same title, “Investors Edge,” broadcast on numerous stations across the U.S. The show is also available on-demand and airs live 6-7 pm EST Monday-Friday. You can hear past shows online at garykaltbaum.com.
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