OVERVIEW OF KIRK ELLIOTT PHD'S INTERVIEW ON NEWS BEHIND THE NEWS WITH JOHN MICHAEL CHAMBERS (Aired 04/15/20)
Kirk Elliott PhD was interviewed on a 15 minute segment where he covered:
- Donald Trump’s masterful negotation with OPEC
- The ugly unemployment numbers starting to surface from COVID-19
For over a month now Russia and Saudi Arabia have been flooding the market with oil. This drove the price down so much that it put U.S. producers pretty much out of business. This had NOTHING to do with COVID-19. However, add that to the mix and demand for oil was even less, while at the same time the world was being flooded with oil it was not using.
The media reported Trump had negotiated a deal that would cut OPEC production by almost 10 million barrels a day. Trump Tweeted on April 15th that he was very familiar with the negotiations, and he was going to get a 20 million barrel reduction! THIS would put US producers back on the map, working, producing, and generating revenue again.
Prior to COVID-19, unemployment claims in America were about 10 million. In the last month, unemployment claims went up 6.6 million to 16.6 million! This number hasn’t been seen since the great depression, and it is just beginning. Sadly, I see an unemployment tsunami on the horizon. Stay tuned for further news–this could get really ugly for a while.
I encourage you to watch this news program, and my segment to get more detail than was covered in this post.