New Concept Energy (NYSEAMERICAN:GBR) stock is still on the rise today following comments made by President Donald Trump.
The rise to GBR stock has to do with talk that the price of oil is set to increase. This is backed up by statements made by President Donald Trump. Trump claims that Organization of the Petroleum Exporting Countries (OPEC) is fixing the price of oil.
Statements from President Donald Trump include threats about increasing the price of oil. He notes that the U.S. protects many of the countries in OPEC and that the group shouldn’t be increasing oil prices like this.
The issue here is that OPEC isn’t likely to back down to President Donald Trump’s threats. At the same time, the President also likely won’t budge on the issue. This could result in constraints on oil, which would in turn cause prices to increase, reports CNA Finance.
All of this matters to GBR stock because of the company’s business. New Concept Energy is a producer of oil and gas that has been in business since 1978. The company started its focus on energy resource development in 2003. It operates oil and gas drilling and exploration projects in North America.
The increasing price of oil means that New Concept Energy can benefit from it. This has the stock rising in price as investors prepare to reap the possible benefits of oil prices increasing.
GBR stock was up 180% as of Monday morning and is up 170% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.