Dan Celia: Russia’s Existence Is Utterly Dependent on the Oil Industry
February 24, 2020
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia is talking today about weekend reports on political campaigns, Russia collusion and oil prices—and how they’re all related.
“One of the most ridiculous things coming out of the campaigns this weekend is President Trump’s alleged collusion with Russia once again,” Celia said. “How many times have we heard that if Democrats are complaining, whining and moaning about something, it is likely they are involved in it? Of course, the average person, and apparently the news media as well, have no ability to just look at the economics of it. We can’t seem to grasp how utterly dependent Russia’s existence is on the oil industry, with little else in its economy to help sustain its budget.
“Just three years ago,” Celia continued, “Russia’s budgets were highly dependent upon $140-a-barrel oil. That was never achieved, and Russia came to the realization that it would have to settle in at $90 to $100 a barrel. Unlike OPEC, which has been able to make adjustments in its budgets because of its incredible sovereign wealth funds, Russia has not been able to do so. Russia’s needs and budget cannot be sustained on $60-a-barrel oil. Russia’s only hope is for Bernie Sanders to be elected. That might renew its hope of destroying the U.S. oil industry—something Russia and OPEC have been unable to do on their own. OPEC and Russia have tried desperately to destroy the U.S. oil industry for the past four years. Bernie Sanders may be their best hope. OPEC has moved on and is working to try to diversify its economies. Sanders wants to make fossil fuel illegal and obsolete, so the notion that Russia would be trying to get President Trump reelected is ludicrous. For the sake of its survival, Russia desperately needs Bernie Sanders.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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