Oil Prices Stayed at Highs
WTI futures fell recently, but have recently risen to their highest level in nearly four years, more than doubling the collapse of a few years ago. Although Trump repeatedly blamed the high oil price, and asked Saudi Arabia and other OPEC countries to increase output, the oil price could not decrease resulting in expensive gasoline prices. This seemed to imply that Trump and Saudi Arabia cannot control or even understand the current oil market. This seemed to be an oil price shock, which would eventually weigh on the oil price. Usually the recession would accompany, but the impact would not last long.
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