Peter Schiff Says End of SPR Releases After U.S. Midterms Could Send Oil Prices Soaring
Summary
- Peter Schiff said the end of Strategic Petroleum Reserve (SPR) releases after the U.S. midterm elections could lead to a sharp spike in global oil prices.
- He said the dollar could weaken if the pace of inflation exceeds the Federal Reserve's pace of interest-rate increases.
- He said the outlook was based on his expectations for the end of SPR releases and the future path of inflation and monetary policy.
Forecast Trend Report by Period
Peter Schiff warned that global oil prices could surge after the U.S. ends releases from the Strategic Petroleum Reserve following the midterm elections. He also said the dollar could weaken if inflation rises faster than the Federal Reserve raises interest rates.
Cointelegraph reported on October 16 that Schiff made the remarks while discussing the U.S. policy of releasing oil from the Strategic Petroleum Reserve, or SPR, and the outlook for inflation and interest rates.
He expects SPR releases to end after the midterm elections. If that happens, global oil prices could rise sharply.
Schiff added that the dollar could lose value if inflation outpaces the Fed's rate increases.
The outlook is based on Schiff's expectations for the timing of the end of SPR releases, as well as the future path of inflation and monetary policy.
JH Kim
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