The oil price/Carlos Pueblo

 

The oil price/Carlos Pueblo

The oil price has been depressed for a long time and is affecting my own investment saving. Yesterday, there was a 10% gain on my oil stock in one day. Of course, it is not significant after years down turn. I like to guess that the Saudi Arabia Kingdom has made a decision to change the oil price. The media in the U.S. has made a conclusion that the Kingdom likes to control the world market and beats up all the competitors especially in the U.S. and Russia. Sometimes, the gasoline price is cheaper than the drinking water and how the Saudi can feed its people.

One time, the U.S. oil production has reached to the top of the world and the Saudi is not happy about it. The Saudi has flooded oil on the world market plus the Chinese Wuhan corona virus pandemic. The Saudi is not happy with the stall situation in the Palestine. It doesn’t look like Trump is fair in the conflict. I can feel that people are losing their oil related jobs in Houston, Texas similar to the 80’s. Many houses in the subdivision are on the market for sale.

I am hurting as well. The Saudi has taken advantage of the oil to do what they want. I have noticed at least twice since I immigrated to the U.S. One was the oil embargo back to the 70’s and the second one was in the 80’s. There were 200,000 jobs loss in Texas during the last time of crisis. This time may not be as severe as last time, yet I am hurting like a hell. My oil stock has been depreciated 70% from the peak of the time.

Now, Biden will be our new President who has plenty years of the foreign affairs experience at the Senate as well as the Obama administration. I hope that he will lead us to a smooth recovery of the relationship with the Saudi and the rest of the world. Let me have a peaceful senior life.