Oil & Gas - Energy - Commodities - Resources (OILBRENT)

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»» Crude into the Political Abyss ««
By: Marty Armstrong | December 19, 2020

While it appears that Biden will be president, our models show that there is NO WAY they will replace crude oil with electricity. There is simply not enough capacity to replace all the energy needed in this country or the world for that matter with windmills or solar panels. This is just another unrealistic dream the same as redistributing wealth instead of eliminating income taxes and allowing people to invest in their own future outside of government-mandated bonds.

We see that Crude needs to close above 50.32 to be in a strong position. But the major resistance will stand at the 60-63 level as we look into 2021. Our major turning point was 2020 and this was a Directional Change target as well. But 2021 is also a Direction Change and we should expect perhaps a knee-jerk reaction.

The perception that Biden will end fossil fuels is rather absurd. He will curtail drilling on federal land which will hurt the Western states. In reality, his policies will help to cause a rise in prices. We should also expect the AOC push for socialism and her New Green Deal will come at odds with the Conservative Democrats. The biggest problem will be John Kerry who is in bed with Klaus Schwab and his whole insane agenda.

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