Oil prices going up instead of going down its going to be a negative to the U.S. Economy. I think the idea that what we need is higher oil prices, when it comes to wishing for higher oil price because you think that is good for the economy and for the stock market, be careful about what you wish for.
In fact, at the rate that own our rig count is collapsing all this oil that we are no longer producing has to be imported and the trade deficit going higher is also a negative for the U.S. Economy. (Energy Select Sector SPDR ETF (XLE), United States Oil Fund LP ETF (USO), SPDR S&P 500 Index ETF (SPY), iShares Russell 2000 Index ETF (IWM))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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