Oklahoma

“The deal to lift the crude ban is a significant change in U.S. policy, but in terms of the near-term impact on prices, we expect that to be blotchy and sentiment driven. All that you’re doing is transferring the glut from the U.S., where most of the storage capacity is, to elsewhere in the world.”

There was a time, not so long ago, when "terrorism" was great news for the oil complex (and thus energy stocks). Since The Fed enabled the unleashing of expensive American shale oil, that appears not to be the case anymore... (until the radical ideologs start attacking Oklahoma and Texas?)

It was just a few weeks ago that the International Monetary Fund predicted that Saudi Arabia would likely be bankrupt within the next five years. Saudi Arabia’s financial position is deteriorating rapidly, and the government is burning through cash like a coked-up rock star.  The Saudis followed this up with plans now to build the world’s tallest skyscraper, which would stand a full kilometer in height. Seriously, what are these people thinking? What kind of idiot goes out of his way to blow through cash when he’s rapidly going broke? Why, the United States of America of course.

With geologists having confirmed the link between fracking and earthquakes in Oklahoma (and energy executives trying to get those geologists fired), the news this week that The Sooner State leads the world in seismic activity will likely see more uproar from residents.. and more lobbying dollars spent to 'calm' the politicians. As KFOR reports, this year, more than 5,000 earthquakes have been recorded and experts say earthquakes in Oklahoma will likely increase in magnitude over time warning that it's only a matter of time before the state gets a big one that will change life for those of living there.

Has there ever been a major holiday more focused on materialism than the modern American Christmas? This year, Americans are planning to spend an average of 830 dollars on Christmas gifts, which represents a jump of 110 dollars over the average of 720 dollars last year. But have our incomes gone up accordingly? Of course not.

After adjusting for inflation, the majority of Americans are worse off today than they were decades ago. The map below shows that median household income actually peaked at least 15 years ago in 81% of U.S. counties.

Between contract roll liquidity and a renewed tumble in the US Oil Rig Count, WTI Crude (Jan 16) has surged above $42.50 (Dec 15 to $41). After last week's very modest rise, the streak of rig count declines continues (11th week of last 12) with a 10 rig drop to 564 - the lowest since June 2010.

Welcome to the oligarch recovery. An economic rebound so robust that an ever increasing number of Americans are being forced to borrow money at usurious rates just to pay the bills. Today, we want to introduce you to the latest scheme to profit from poverty: Pension Advance Companies.

Oil companies have sold $61.5 billion in stocks and bonds since January as oil prices have tumbled. However, the fees geneated are a tiny fraction of the bank's real exposure to the energy sector, at over $150 billion. So have the banks learned their lesson?  "The bankers have gone through this before,” says Oscar Gruss’s Meyer. “They know how it works out in the end, and it’s not pretty." Then again, perhaps banks are just sailing on an ocean of liquidity allowing them to postpone the day of Mark to Market reckoning, especially since this time, everyone is in it together....

Bernie Sanders’s entry into the presidential race has sparked a nationwide conversation about socialism and its potential to remedy the real and perceived pathologies suffered by Americans. The underlying problem with socialists like Bernie Sanders is that they do not actually believe (or understand) in economics at all. As Ludwig von Mises himself has pointed out, socialism is not an economic theory — it is a theory of redistribution.

The US Oil rig count is now down over 63% from its highs in October 2014. Last week's 10 rig decline is the 7th straight weekly drop, pushing the count below 600 for the first time since July 2010. Crude prices are modestly higher on the news...

As tensions boil on the international stage, eight U.S. cities in two months abolished a federal holiday that has long insulted and infuriated the indigenous population and many others - Columbus Day - but that’s not all. These eight cities (including three just last week) then replaced much-maligned October 12 “holiday” with one long overdue: Indigenous Peoples Day. Meanwhile, in Detroit, someone took an ax to the forehead of a Christopher Columbus bust (with fake blood spilling out).

Another sad chapter in the CIA's book of failed government overthrows comes to a close, leaving the Syria "rebels" that the CIA had supported for years, to fend for themselves, and handing over Syria to Putin, who has once again "won" or as the administration would prefer to spin it, "has hung himself."

It’s been noticed more than a few times that there aren’t many substantive differences between the Republicans and Democrats. What they have in common - at least the mainstream varieties - is a desire to use the state to shape society in whatever way they see fit. As Andrew Napolitano put it, "We have migrated from a two-party system into a one-party system, the big-government party. There’s a democratic wing that likes taxes and wealth transfers and assaults on commercial liberties and there’s a republican wing that likes war and deficits and assaults uncivil liberties." And both parties love prohibition, just of different things.