STUART: I LOVE CHEAP OIL BECAUSE
STUART: I LOVE CHEAP OIL BECAUSE
IT GIVES ME VERY CHEAP GAS.
IT GIVES ME VERY CHEAP GAS.
BUT TODAY, OIL PRICES CRASHED
BUT TODAY, OIL PRICES CRASHED
AND THAT IS REALLY BAD.
AND THAT IS REALLY BAD.
YES, GAS WILL GET EVEN CHEAPER
YES, GAS WILL GET EVEN CHEAPER
BUT THE REPERCUSSIONS FROM WHAT
BUT THE REPERCUSSIONS FROM WHAT
IS IT, $10 A BARREL OIL ARE JUST
IS IT, $10 A BARREL OIL ARE JUST
PLAIN TERRIBLE.
PLAIN TERRIBLE.
FOR A START, AMERICAN DRILLERS
FOR A START, AMERICAN DRILLERS
AND FRACKERS CANNOT SURVIVE $10
AND FRACKERS CANNOT SURVIVE $10
A BARREL OIL.
A BARREL OIL.
THEY WERE HAVING A HARD TIME AT
THEY WERE HAVING A HARD TIME AT
$30.
$30.
$10 IS BANKRUPTCY LAND.
$10 IS BANKRUPTCY LAND.
THEY ARE EVEN RUNNING OUT OF
THEY ARE EVEN RUNNING OUT OF
STORAGE SPACE.
STORAGE SPACE.
THEY WILL NEED MASSIVE
THEY WILL NEED MASSIVE
GOVERNMENT SUPPORT AND EVEN
GOVERNMENT SUPPORT AND EVEN
THEN, NOT ALL WILL MAKE IT.
THEN, NOT ALL WILL MAKE IT.
THE OIL CRASH IS A DIRECT THREAT
THE OIL CRASH IS A DIRECT THREAT
TO AMERICA’S HIGHLY SUCCESSFUL
TO AMERICA’S HIGHLY SUCCESSFUL
ENERGY INDUSTRY.
ENERGY INDUSTRY.
RUSSIA’S A BIG LOSER.
RUSSIA’S A BIG LOSER.
ITS ENTIRE ECONOMY RESTS ON OIL.
ITS ENTIRE ECONOMY RESTS ON OIL.
IT IS A PETRO STATE.
IT IS A PETRO STATE.
EVEN VLADIMIR PUTIN HAS TO WORRY
EVEN VLADIMIR PUTIN HAS TO WORRY
WHEN HIS COUNTRY IS LOCKED DOWN
WHEN HIS COUNTRY IS LOCKED DOWN
AND THE MAIN FILLER OF ITS
AND THE MAIN FILLER OF ITS
ECONOMY IS COLLAPSING.
ECONOMY IS COLLAPSING.
YOU COULD SAY THE SAME THING
YOU COULD SAY THE SAME THING
ABOUT ANY COUNTRY THAT RELIES
ABOUT ANY COUNTRY THAT RELIES
HEAVILY ON OIL, MOST OPEC
HEAVILY ON OIL, MOST OPEC
MEMBERS ARE IN DEEP, DEEP
MEMBERS ARE IN DEEP, DEEP
TROUBLE.
TROUBLE.
EVEN SAUDI ARABIA IS LOOKING AT
EVEN SAUDI ARABIA IS LOOKING AT
A RUINOUS DECLINE IN REVENUES.
A RUINOUS DECLINE IN REVENUES.
BUT CHINA, CHINA IS A WINNER.
BUT CHINA, CHINA IS A WINNER.
CHINA HAS TO IMPORT ALMOST ALL
CHINA HAS TO IMPORT ALMOST ALL
OF ITS OIL AND AT THESE PRICE
OF ITS OIL AND AT THESE PRICE
LEVELS, CHINA CAN SUPPLY JUICE
LEVELS, CHINA CAN SUPPLY JUICE
TO ITS FACTORIES AT ROCK BOTTOM
TO ITS FACTORIES AT ROCK BOTTOM
LEVELS.
LEVELS.
THAT’S A COMPETITIVE ADVANTAGE.
THAT’S A COMPETITIVE ADVANTAGE.
ESPECIALLY SINCE THOSE FACTORIES
ESPECIALLY SINCE THOSE FACTORIES
ARE NOW REOPENING WHILE THE REST
ARE NOW REOPENING WHILE THE REST
OF THE WORLD IS AT A STANDSTILL.
OF THE WORLD IS AT A STANDSTILL.
WE MAY BE UNHAPPY WITH BEIJING’S
WE MAY BE UNHAPPY WITH BEIJING’S
HANDLING OF THE VIRUS BUT THEY
HANDLING OF THE VIRUS BUT THEY
HAVE BEEN HANDED AN ECONOMIC
HAVE BEEN HANDED AN ECONOMIC
ADVANTAGE.
ADVANTAGE.
MAYBE THAT’S WHY THEY CHOSE TO
MAYBE THAT’S WHY THEY CHOSE TO
ARREST DEMOCRACY ADVOCATES IN
ARREST DEMOCRACY ADVOCATES IN
HONG KONG OVER THE WEEKEND.
HONG KONG OVER THE WEEKEND.
THE OIL CRASH MAKES THEM LOOK
THE OIL CRASH MAKES THEM LOOK
STRONGER.
STRONGER.
TRUTH IS, THERE IS NO WAY ROUND
TRUTH IS, THERE IS NO WAY ROUND
ALL OF THIS.
ALL OF THIS.
THE VIRUS HAS CUT WORLDWIDE
THE VIRUS HAS CUT WORLDWIDE
DEMAND FOR OIL BY AN ESTIMATED
DEMAND FOR OIL BY AN ESTIMATED
30 MILLION BARRELS OF OIL A DAY.
30 MILLION BARRELS OF OIL A DAY.
THE PRODUCERS CAN CUT PRODUCTION
THE PRODUCERS CAN CUT PRODUCTION
AS MUCH AS THEY LIKE BUT THE
AS MUCH AS THEY LIKE BUT THE
PRICE DOESN’T GO BACK UP UNTIL
PRICE DOESN’T GO BACK UP UNTIL
THE WORLD GETS BACK TO WORK AND
THE WORLD GETS BACK TO WORK AND
WE CAN’T ENJOY CHEAP GAS UNTIL
WE CAN’T ENJOY CHEAP GAS UNTIL
WE START DRIVING AGAIN.
WE START DRIVING AGAIN.
THAT WON’T HAPPEN UNTIL WE GET
THAT WON’T HAPPEN UNTIL WE GET
BACK TO THE DAILY COMMUTE,
BACK TO THE DAILY COMMUTE,
TAKING VACATIONS AND VISITING
TAKING VACATIONS AND VISITING
FRIENDS AND RELATIVES.
FRIENDS AND RELATIVES.
THE OIL CRASH IS A SHOCKING
THE OIL CRASH IS A SHOCKING
DEMONSTRATION OF JUST HOW BADLY
