In today’s Gartman Letter, the subject of political incorrectness and oil comes heavily into play. Dennis Gartman discusses a situation that makes little-to-no sense at all: the Alaskan oil pipeline.
Gartman discusses how a meager amount of oil leaked from the pipeline (he likens it to one gallon worth) and spilled on to the ground. Because of that, the pipeline was shut down and as a result, crude stopped flowing. Luckily, the matter was resolved within a few days and the pipelines was fixed. But if it wasn’t, the ramifications vis-a-vis the price of oil could have been drastic.
Thus, Gartman is now upset that “one gallon” of oil can bring a pipeline to a closure, which is actually pretty ridiculous. He likens government to having “run wholly amuck” when it comes to oil, pipelines, and intervention. We can understand how a large break in the pipeline can affect the environment, but when a mere gallon of oil is all that is at risk, it would be nice if our government acted rationally.
Business Insider Emails & Alerts
Site highlights each day to your inbox.