The OPEC Conundrum

Tesla may have just crushed the oil industry’s hopes of a decent quarter.  It’s earnings season, and all eyes are on the state of the North American oil industry, so it doesn’t help that Tesla just blew away analyst estimates on its own earnings, reporting $1.86 per share against expectations of a $0.42 loss. More than two-thirds of all US oil is used in the transportation sector, so if Tesla is crushing it, the oil and gas industry is not. It means more demand is going to EVs and less to oil and gas. Other earnings to look…