How Do States Further Residents’ 2A Rights Once Constitutional Carry Is Passed?
Horde of Anti-Israel Mouth-Breathing Douchenozzels Disrupts Holocaust Remembrance Day Meet...
Time Again to Play 'NBC News Story or Biden White House Press Release?'
Take the L! Jon Stewart's Attempt at Damage Control After Being Caught Doing...
She SO MAD! LOL! Jim Jordan Dares to Hold Fani Wilis ACCOUNTABLE and...
By DESIGN: Sen. John Kennedy Is Straight-FIRE Going OFF on Biden and Dems...
WATCH: Sonny Hostin's Attempt to Steamroll Coleman Hughes on The View Blows Up...
'It's Really That Bad'! Desperate Biden Campaign Calls in Reinforcements
Here's What Michigan's 'Newcomer Rental Subsidy' Program Entails (How Many Will Whitmer Ta...
Liz 'Fauxcahontas' Warren Out to Save You Heap Big Wampum -- Fight Shrinkflation
Ilhan Omar's Victory Lap Over Earmarks for Squad Members' Districts Goes Over Like...
BLM Continues to Try to Destroy Free Speech Rights of Kyle Rittenhouse --...
Architect of 'Equity-Based Algebra' Accused of Fraud
Aaron Rupar Corrects Elon Musk Who Says MSNBC Won't Allow Even One Republican...
That Was Fast! Florida Governor Ron DeSantis Signs Legislation to End so Called...

Saudi oil facility attack expected to cause huge jump in prices as Trump weighs releasing emergency reserves

An attack on a Saudi Arabian oil facility over the weekend, which is responsible for cutting off at least five percent of the world’s oil supply, is set to have major implications on the world economy and potentially gas prices.

Advertisement

As a result of the attack, the Saudis have reduced their oil production by nearly five million barrels per day, which is almost half of its normal output.

One of the consequences of the reduction in Saudi output is a dramatic increase in the price of a barrel of oil, which is expected to at least double in the short-term.

This leaves President Trump with a decision as to whether to tap into the United States’ emergency oil reserves in order to cut off a sharp domestic rise in gas prices.

Advertisement

The Saudis have oil reserves stashed throughout the world that can help mitigate the immediate losses, but if the outage drags on, the economic impact could be much greater.

From Bloomberg:

“While most analysts agree that prices will spike initially, the duration of the outage is key. Saudi Arabia has millions of barrels stored in locations around the world, which they can draw down to replace the lost production. A rally could also be tempered if the U.S. and other countries release oil from their strategic reserves to ease the shortfall.”

One thing for sure is that Monday will be a very active day for the world economy and especially the oil market.

***

RELATED:

‘Even less credible now’: Obama bro Ben Rhodes will never let go of Iran

Join the conversation as a VIP Member

Recommended

Trending on Twitchy Videos

Advertisement
Advertisement
Advertisement