Why My Portfolios Are 60% Invested in Energy Stocks | Louis Navellier

Crude oil prices were manipulated by the Biden Administration for much of 2022 after releasing 1 million barrels a day from the Strategic Petroleum Reserve (SPR) for several months, however now that the SPR is falling below levels not seen since 1980, the Biden Administration is expected to stop releasing crude oil from the SPR sometime after the midterm elections. OPEC+ just implemented a production cut to boost crude oil prices. Furthermore, Europe is still struggling to lock up alternative crude oil and natural gas supplies for 2023, since it is breaking away from Russia as an energy supplier. The Biden Administration is issuing the fewest drilling permits since the 1970s during the Nixon Administration, so new U.S. fields are scarce. At the end of 2021, fossil fuel consumption represented 81% of global energy production, down from 82% a decade earlier. Due to Europe, China and India, burning more coal in 2022, fossil fuel consumption is now rising again as green energy solutions have proven to be less reliable for electricity generation.

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Louis Navellier

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