“Glad to see this CA resident has come to his senses,” says a contributor in response to Monday’s missive. “I have been wondering when more residents are going to leave a state that seems to get dumber by the day.
“For example, Californians decided renewable energy will solve their electricity problems, but won’t allow the grid to be built out. So when they need to import power because renewable energy doesn’t make up shortfalls, they won’t be able to.
“High taxes, bad forest management… I could go on and on. Get out while you can.”
Another reader pushes back against our hopeful California ex-pat, saying: “Most of the political issues stem from an upcoming vote on Prop 15. It is up to voters, not the legislature!
“The electric car issue has been deferred for 15 years. By that time, batteries will be enhanced, and most likely all vehicles will be electric or nitrogen-powered.
“Gun restrictions are a state matter, so vote!”
Which brings up the matter of voting… How many of our readers plan to vote come Nov. 3? (Either in-person or mail-in/drop-off ballot?) Also, do you believe your vote will count?
Send your opinions to, TheRundownFeedback@SevenFigurePublishing.com.
Your Rundown for Friday, Oct. 2, 2020…
Oil Slump (Not Trump-related)
We notice a weird cause and effect the mainstream media are trying to project today. This Fortune headline, for example: “Oil prices sink as Trump’s COVID diagnosis rocks global markets.”
Despite the president’s testing positive for coronavirus, the price of oil’s been in a slump for weeks. So what gives?
“The catalyst for this morning’s price drop is OPEC+’s September seaborne exports,” says Oil Price, “which jumped to 22.84 million barrels per day from the 22.11 that the cartel exported by sea in August.”
While OPEC and its partners continue to comply with agreed-upon oil production cuts, “the culprits for this production increase is mostly Iran and Libya, both of whom are exempt from the production quotas,” Oil Price reports.
“Further pressuring oil prices is the ever-present demand question—a metric that has been constantly pushed down by the pandemic,” the article continues.
“Bearish demand factors include another round of major airline layoffs affecting tens of thousands of employees, an impromptu lockdown of Madrid due to increasing coronavirus cases, and disappointing vaccine news.”
(We suppose the “disappointing vaccine news” is that we don’t have a vaccine yet.)
“The oil market is taking Covid the hardest of all of the asset classes out there,” says John Kilduff of Again Capital. “Demand is just not coming back, especially for jet fuel.
“If anything, they’re vulnerable to falling into the low $30s.”
Market Rundown for Friday, Oct. 2, 2020
S&P 500 futures are down 55 points to 3,312.
Oil is down 5.1% to $36.74 for a barrel of WTI.
Gold is down $7.50 per ounce to $1,908.80.
Bitcoin’s down 1% to $10,484.79.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
We hope you enjoy the early-fall weekend. We’ll catch up Monday…
For the Rundown,