Dee Carter, President of “The Carter Financial Group”, discusses with Kurt Schemers and Don McKelvey on Traders Nation® how crude oil prices are sharply lower over signs of an economic downturn in China. And, geo-politically, it seems the Saudis have taken a minor role lately but may agree with Russia on limiting output to shore up the ppb (price per barrel) of oil.
On the home-front, we actually have a glut of oil – more oil than we use. We also discuss how the U.S. still is processing oil through a limited number of refineries and the pipeline infrastructure needs updating and expanding. Thankfully, it looks as if we’re making progress since the current Administration has been cutting the red-tape making it more attractive for building processes of refining and the ability to move the crude to market.