“Avengers: Endgame” has shattered opening weekend box office records, pulling in an estimated $350 million in ticket sales domestically, and $1.2 billion globally. Matt Smith, the director of commodity research at ClipperData, sees a bit of “Avengers: Endgame” in the energy market. Beware: this post has spoilers!
“If the Guardians of the Galaxy are OPEC members, then Rocket represents Saudi Arabia because, like him in the movie, Saudi has basically been somewhat left on their own… First of all, they’ve had to cut production to boost prices, and now, under the influence of President Trump, they have to boost production to cut prices. And so they are like our wisecracking raccoon Rocket in that they’re on their own, but having to lead the charge,” Smith says.
Dr. Bruce Banner and Hulk came together a little bit more in this weekend’s movie than they have before.
“This coming together reminds me of the U.S. shale revolution. The combination of brains and brawn — that technological development and the sheer strength of resources available has propelled both U.S. natural gas and oil production to record levels,” Smith says.
Smith also draws a comparison between Iron Man and Texas renewables.
“Wind and solar are heroes from an environmental perspective, but also they are under attack at the moment. What we’ve got is some factions in Texas that are calling for the reduction in incentives, i.e. subsidies, for wind and solar power because they say it is depressing the investment in fossil fuel plant,” Smith says. “There’s currently legislation under consideration which is set to put these tax credits for renewables into question. “So our hero here is under attack.”
Smith notes that the amount of money “Avengers: Endgame” brought in at the global box office – $1.2 billion – is “basically the same amount that the U.S. will be spending on gasoline every single day should retail prices climb a dime to hit $3 a gallon.”
Right now, the national average is $2.89 per gallon. But crude has been rising rather quickly recently, and Smith expects us to hit $3 per gallon soon.