Sumary of Energy expert warns of ‘serious oil crisis’ within next five years:
- Maglan Capital President David Tawil explains why he believes there could soon be ‘a serious oil crisis in this world.
- ‘ Maglan Capital President David Tawil argued on “Mornings with Maria” on Thursday that “with respect to oil supply, the rush for the exit doors is getting really serious” amid “strong demand” with the reopening of economies, which could soon lead to “a serious oil crisis in this world.
- ” The energy expert has been bullish on oil for the past couple of months, and told “Mornings with Maria” in June that he expects oil prices to hit $100 per barrel before the end of 2021. On Thursday, he told host Maria Bartiromo that he believes his projection still holds true, adding that it will happen sooner rather than later.
- On Thursday morning, West Texas Intermediate crude oil, the U.S. benchmark, was unchanged at $70.30 a barrel.
- It advanced $2.88 the previous session to $72.23. Earlier this month, oil prices surged to their highest level in more than six years.
- The Biden administration’s push for clean energy has many investment firms moving toward environmental, social governance and corporate investing and away from fossil fuels, leaving limited capital for discovering new oil.
- Tawil argued that oil is “somewhat on a boost beyond inflation because of the supply-demand imbalance that’s going to be there for the short and medium-term.
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