CNBC: “The spike in oil prices will have to get a lot worse before it wrecks the economy”By admin_45 in IN THE NEWS
Excerpt from CNBC quoting DataTrek's Nick Colas:
.... "The “level to watch” is around $80 a barrel, said Nick Colas, co-founder of DataTrek Research. The current spike, he said, is likely “unsustainable.”
“As dramatic as the weekend’s events may be, it’s not like Iran or its surrogates actually took over Saudi oil fields, as was the case in 1990 with Iraq/Kuwait,” Colas said in a his daily note to clients. “Saudi Arabia has every incentive to get production back online, secure its facilities better, and return to full production. And, of course, the US has its Strategic Petroleum Reserve to tap as well.”
Read the rest of Nick's quotes and the article here on CNBC!