Posted on 08/31/2022 7:59:48 AM PDT by dennisw
Edited on 08/31/2022 9:02:42 AM PDT by Chris Robinson. [history]
FUTURES MOVERS Oil futures fell Wednesday, extending the previous session’s sharp decline amid worries about the global economic outlook as central banks move to squelch inflation.
Oil is heading for a third monthly drop, despite the Ukraine war, with slower economic growth expected in Europe, China and the U.S. as economies recover from the disruptions caused by the coronavirus pandemic and central banks raise interest rates to combat inflation.
(Excerpt) Read more at msn.com ...
Msn.com has to be limited to 300 words.
Recessions and financial crises tend to allow step drops in oil prices.
It may be too late though to save us this Winter.
Oil prices fell from a high of $133.88 in June 2008 to a low of $39.09 in February 2009. 1 Over the same time period, natural gas prices fell from $12.69 to $4.52. 2 The lower price for oil and gas due to the financial crisis was the major impact on the sector.
Thanks joe! Oh, he has nothing to do with it.
Falling oil and gasoline prices in an election season sends a strong message to voters that the economy is failing.
So Biden’s recession may save the rats because the gas is going just in time for the mid terms.
Hallmark of a recession
Do not forget that Biden is dumping a million barrels per day from the Strategic Petroleum Reserve on the market.
Those SPR dumps have a major short term impact on oil prices.
Biden needs to keep dumping until Novemeber elections.
“Oil prices fell from a high of $133.88 in June 2008 to a low of $39.09 in February 2009.”
You can put that blame of the oil price collapse squarely on the shoulders of Obama and Biden and here we go again.
Republican candidates need to be running wall to wall commercials against the Democrats for the downturn of oil prices.
I believe part of this is driven by Big Banks. Their typical tricks include driving prices to force small investors to hit their stop losses. They go in one direction, accumulating contracts, stop the little guys out, and then send prices in the other direction. The volatility of petroleum prices is sending small investors, “speculators”, out of the market. Economic and other news is not fully responsible for price swings. It’s intention and unfortunately legal. Big Banks need to be prohibited from investing in equity and commodity markets.
“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.”
-Andrew Jackson
Gas will be higher by Election Day...
That’s all good right. Gas prices are coming down and here in Illinois the gas tax was dropped until Jan 1 of 2023 so things are getting better...right?
As long as Biden can release the oil from the Oil Reserves it will go down but eventually they will have to turn the spigot off and where will the extra oil come from to make up for it.
I’m guessing your wrong. The average working stiff who’s been struggling with filling his tank and feeding his kids is going to lobe this. I was in Michigan last week and their little pump screens had a video of some woman thanking Joe for his successful efforts to bring down the price of gas and saying that he and the democrats are continuing to fight for the American worker. That’s going to resonate with some people.
The democrats and Biden will take credit in.... 3, 2, 1....
“Oil prices fell from a high of $133.88 in June 2008 to a low of $39.09 in February 2009”
Even a $30 per barrel price drop from where we are now, would crush Russian profit margins. Oil revenue is the last teetering prop under their economy and Government finances.
So, would Biden punish Americans by purposefully causing a recession here in order to attempt to sink Russia?
All Russian oil and gas is extracted from very cold and permafrost regions, giving it a high lift price. What I read 10 years ago. Maintenance of the above ground infrastructure is a bear.
Why Vlad craves the lands of the Northern Black Sea, with oil-gaz just offshore, with its mild climate, with its proximity to European markets.
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