American consumers are already tapped out, they are loaded up with debt, they have part-time, low paying jobs and americans drive a lot. I mean, more than any other people we a re dependent on our cars. We don`t have a really great public transportation system, a lot of americans have to drive a long way to get to their low paying jobs and they may not be able to afford higher gasoline prices.
Related: Valero Energy (VLO), Tesoro Corporation (TSO)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jun 25, 2014
Higher Crude Oil Prices Will Affect The Global Economy
I am bullish on oil anyway. I think the price of oil is going up regardless of what happens in Iraq. But to the extent that Iraqi production is disrupted by civil war, that is only going to be more bullish for the price of crude oil. And it is going to affect the global economy because its going to be more expensive and that`s going to be a negative.
Related stocks and ETFs: United States Oil Fund LP ETF (USO), Exxon Mobil (XOM), Marathon oil (MRO), ConocoPhipllips (COP), Energy Select Sector SPDR ETF (XLE);
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Related stocks and ETFs: United States Oil Fund LP ETF (USO), Exxon Mobil (XOM), Marathon oil (MRO), ConocoPhipllips (COP), Energy Select Sector SPDR ETF (XLE);
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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