Are These Higher Oil Prices High Enough (Yet) To Damage The Economy?

Is the crude oil price climb to $70 enough to damage the economy? Here’s a deep dive into the way a rising oil price affects the economy…

Art Berman interviewed by Jason Burack on Wall St for Main St

During this long, in depth discussion, Art talks about how while the number of producing oil wells in the Bakken has been increasing for months because of the higher oil price, the oil production in the Bakken has actually not gotten back to prior high levels from previous years. So we’re getting less for more per well now in the Bakken.

Jason also asks Art about whether a lot more oil production from deep water offshore oil wells will come back online now that oil prices have rebounded strongly from around $45/barrel in the summer of 2017 to over $70/barrel at the time of the recording of this interview.

Jason also asks Art if supply/demand fundamentals have changed in the oil market, if the Saudis don’t want oil prices going higher and about how larger US shale oil producing companies are financing themselves?

Art does not think electric vehicle demand will be large enough anytime soon to drastically reduce oil demand and to wrap up the interview, Art names a handful of oil companies for people to research further as potential investments.

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