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The Last Great Move for Oil?


ERX, Oil Dying Energy Source

Even Saudi Arabia is starting to diversify away from oil.

Released on Monday, April 23, 2018, 11:00 PM ET
by Email Russ UrbanContact SpeculatingStocks

Pittsburgh, PA (SpeculatingStocks) - Crude Oil is nearing the $70 level with it currently sitting at $68.93. Saudi Arabia would like to see it go to $80 - $100, which it historically can make happen. However, the US is exporting more oil than ever and flooding Europe with oil making it harder on OPEC. Saudi Arabia and OPEC may have enough power to make a big move in oil happen one last time.

As more and more car buyers adopt electric vehicles, demand for oil will drop significantly and so will the price of oil per barrel. This is a reality that even Saudi Arabia is realizing. The finance minister of Saudi Arabia is spending large on technology with a goal of becoming the technology hub of the Middle East by 2030. It’s a smart move, but it will be too late to catch up to the United States in technology or even China and Japan for that matter.

Saudi Arabia along with Russia have been the leading oil producers for years with the United States catching up. Technology won’t be this kind of economic producer for Saudi Arabia’s economy because they don’t have the pedigree and culture that it takes. None the less it will avoid Saudi Arabia from being completely out in the cold.

Rare earth minerals are essential to electric cars. They are so important that Japan made it a priority to search for rare earth minerals, which is a market totally controlled by China currently. Japan found a huge deposit of rare earth minerals underneath its territorial waters.

The world is moving past oil, both governments and consumers. The writing is on the wall and when demand falls for oil, it may never have a chance to hit $100 a barrel again because there will be more supply than demand. At one time everyone believed that it would be a big deal when we ran out of oil, but it won’t even be an issue with the world moving past oil for several other reasons than a fear of depleting the Earth’s supply of oil.

Two ways to play this potential last great move in oil are the Direxion Daily Energy Bull 3x (NYSE:ERX) and the Direxion Daily S&P Oil & Gas Exploration & Production Bull 3x (NYSE:GUSH).

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⇒ About the Author of this News Article:

Russ Urban has been following the stock market for over 18 years and holds a Bachelor's Degree in Finance. From a young age, he watched CNBC with a keen eye and became obsessed with the market and technology. Russ Urban has written hundreds of stock articles and stock picks through the years since he founded, Inc. in 2006 and holds strong faith in the power of the markets and capitalism.

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