$300??? please... they can charge what ever they want, doesn't mean people will buy it/can afford it at that price.
Posted on 10/01/2019 8:20:56 AM PDT by bananaman22
Saudi Arabia’s Crown Prince Mohammed bin Salman (MBC) has told CBS that oil could reach “unimaginably high numbers” if a war with Iran were to erupt, which he suggested could happen if “the world does not take a strong and firm action to deter Iran.”
And while MBS is known to engage in hyperbole when it comes to the threat Iran poses, recent events suggest he may have a point here. But what are these unimaginably high numbers he is suggesting? $100 per barrel? $300 per barrel? And what would the world look like if prices really went that high?
(Excerpt) Read more at oilprice.com ...
Oil is never going to $100/bbl. The U.S. is pumping so much oil now, it will never get to a present value of $100. Any short term shortage can be made up by using part of the strategic reserve.The U.S. has 720+ million bbls in the strategic reserve. World wide, there is over 3 billion bbls; and that excludes China, Russia, and the Middle-East.
There are also countless millions of bbls in transit to the U.S. There is about 100 million bbls stored in the Cushing, OK storage and transit facilities with more tanks and pipelines being added all the time.
The price would have been $150 a barrel the next day if it wasn’t for the increase in US production the last few years. Dems want to go back to no offshore, no drilling in Ak, no fracking, what a great plan this is!
Get the hell out of here (not you of course:-). Oil at $53!
Then US GDP would shoot up.
$300??? please... they can charge what ever they want, doesn't mean people will buy it/can afford it at that price.
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