Clinton Vows to Take on Arab Oil Wealth
Related Articles
Presidential hopeful Hillary Clinton is recasting herself as a crusader against Arab oil wealth and artificially inflated crude oil prices, vowing to “go right at OPEC.” From Politico.com:
“We’re going to go right at OPEC,” she said. “They can no longer be a cartel, a monopoly that get together once every couple of months in some conference room in some plush place in the world, they decide how much oil they’re going to produce and what price they’re going to put it at,” she told a crowd at a firehouse in Merrillville, IN.
“That’s not a market. That’s a monopoly,” she said, saying she’d use anti-trust law and the World Trade Organization to take on OPEC.
The attack on OPEC and evil oil speculators is a powerful piece of posturing. But according to Doug Casey at CaseyResearch.com, Hill may not have such a high profile target for long, as analysts remain confused over the direction of oil.
On the one hand, “It just doesn’t look like this market is getting ready to turn around and go down for a long term,” said Darin Newsom, of commodities information provider DTN. “The news in Iraq helps confirm there are still problems on the supply side.”
But on the other, “If the rally in the U.S. dollar index gains momentum and money begins to come out of crude oil, the bearish technical signal established this week could lead to a larger selloff ,” Newsom said.