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Big Oil and Forex – How Did the Oil Industry Get Where it is Today?

April 23rd, 2022

In our world today, especially if you live in the United States, oil is a very large part of our lives. And I am not just talking about the gas that you put in your car, but also the oil that heats your home, the plastic that goes into your water bottles and credit cards, and even the cleaning agent that your dry cleaner uses to clean your favorite suit.

With so much of our lives dependent on the price of crude oil, any astute investor should realize the powerful correlation between oil and their portfolio and seek to understand how we got where we are today. Especially for Forex traders who focus on the value of the dollar relative to other currencies, you must know how the oil industry became the “Big Oil” that we know today.

Rockefeller and The Standard Oil Company

In 1870 John D. Rockefeller founded the first Standard Oil company in Ohio, which was the start of a new highly controlled corporate animal that would eventually become the oil industry that we know today. For over 35 years, Standard dominated the oil industry in true robber-baron style, controlling state and federal government by having more money than they did and dishing out bribes that were too great to refuse.

Many different companies were formed such as Standard Oil of New York and New Jersey, but they were all controlled by the single ruthless parent company. In 1906, attorney general Frank Kellogg started a case against Standard Oil which took over 5 years to conclude, but in 1911 it was ruled that Standard Oil was a monopoly which had to be broken into smaller companies.

Now do you recognize the names Chevron, Mobil, and Exxon? Exxon used to be called Standard Oil of New Jersey, Chevron used to be called Standard Oil of California, and Mobil was Standard Oil of New York. This is how the oil industry became “Big Oil,” and even after the breakup of his company Rockefeller still controlled 25% controlling stake in each company.

Oil Prices and Exchange Rates

The major currency pairs that most forex traders focus on have the US dollar as either the base or counter currency, so any trader that knows the value of the dollar can make money by either buying or selling the dollar against other currencies. An increase in the price of crude oil does not just affect the pocketbook of the average American citizen, but since the US is largely an oil-importing country an increase in oil prices can have an inverse effect on the value of the dollar, meaning that a profit opportunity arises to sell the dollar against other major currencies.

The Important of Reputation Management For Your Business

March 18th, 2022

Have you been searching for accommodating and solid data? Indeed, this article will ensure you get a few strong ideas. It will assist you with sorting out some way to more readily deal with your standing.

Posting data via online media locales is essential to your business’ standing. You should post a few times each week at any rate to actually run an advertising effort. Assuming you see that posting via online media locales is overpowering, consider recruiting an aide to make your posts for you.

At the point when individuals invest in some opportunity to offer something about your business, it is vital that you are sufficiently gracious to answer. While you might be an extremely bustling individual, it shows your crowd that you really care about them and what they need to say. This is imperative to keep a consistent client base.

At the point when you talk with your crowd, ensure that you do as such in a conversational tone. Individuals try to avoid the possibility of entrepreneurs continuously addressing them with promoting to them. While you would like to make a deal, you ought to never cause a client to feel like this is your main concern.

Be grateful. Assuming somebody leaves a decent audit about your organization, send them an individual message and express gratitude toward them for their criticism. On the off chance that conceivable, send your client a coupon for a specific percent off on their next buy as a much obliged. In the event that this is preposterous, earnestly say thanks to them for their input.

Assuming you will utilize anybody’s thoughts, you ought to constantly make a point to give them credit for that. Everybody out there can advance a little from others, so giving due credit will show individuals that you don’t think you are over that. This is an extraordinary method for getting their appreciation.