Posted on 12/28/2021 6:56:55 PM PST by Hojczyk
Oil's recent bull move has some predicting further pain at the gas pump in 2022.
Gas price tracking outfit GasBuddy predicted in a new report on Tuesday — which it shared exclusively with CNN —that the national average price for gas will reach $3.41 a gallon in 2022 compared to $3.02 this year. GasBuddy didn't rule out gas prices hitting $4 a gallon by the Memorial Day holiday.
"No question about it," said Streible, on whether gas prices will march higher in 2022.
Streible thinks oil prices are at risk of hitting $60 in the near-term due to an Omicron-related demand slowdown. But that will likely prove to be a buying opportunity in front of a "long-term" rally in 2022.
"We are going to see the demand picture continue to pick up going into the [summer] driving season. Hopefully we can get this pandemic behind us. You'll see all that pent-up travel demand really take back off again. Flights were pretty full over the holiday weekend, but we expect them to get even fuller as the capacity picks up. If you look at the supply side on crude oil, we have 432 million barrels. The five-year average is 460 million, so supplies are quite tight. We don't expect OPEC to take any kind of reaction by picking up their supply picture. So we expect any kind of small supply shock would send prices higher. We are expecting $85 to $90 [a barrel] oil next year," said Streible on Yahoo Finance Live.
(Excerpt) Read more at finance.yahoo.com ...
Are we importing oil now?? If so, from whom?
What about natural gas?? Do we import or export??
Reading the various articles on the subject, I am confused.
I wish the Biden supporters had left up their yard signs so I knew from which cars to siphon fuel.
We import the most oil from Canada (mostly heavy oil,) Mexico, and Saudi Arabia. As far as natural gas, we import from Canada and export to Mexico, amazingly.
A few years ago, we imported quite a bit from Venezuela but obviously they suck and have imploded.
Even more amazing is that under trump the US became the major oil and gas producer in the world
With exports of oil, coal and natural gas to Japan, China, India and Europe as clients.
Other than streamlining leasing on federal lands, Trump had very little to do with it. It is the ingenuity of the large, independent oil companies of America. It wasn’t Exxon, Shell, BP, or Chevron. They were way late to the party. Fracers gotta frac.
Nobody is more bullish on oil than Joe Biden.
I disagree.
“Frackers” did OK despite Obama. When Trump came in and unshackled the industry by reducing taxes and overly onerous regulations they blossomed.
Biden owns this 110%, period!
Sorry, then you would be wrong.
My statement is historically accurate, sir.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus1&f=a
I am not doubting that production is at an all time high. But Trump had very little to do with it, other than getting out of the way. Kind of like Sarah Palin saying “Drill, baby. Drill.” Big deal. Companies drill when prices are high and there is no government red tape, which mostly occurs on federal leases.
Trump “getting government out of the way” was a Herculean effort, and the reason why production spiked. Democrats and courts tried to keep things tied up in red tape and regulations.
That is my point.
Prices are higher now than then; almost double. Yet production is lagging now compared to then.
Look at the chart once more.
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