Posted on 10/09/2021 8:49:43 AM PDT by Hojczyk
Investing.com -- Crude oil prices hit $80 a barrel in the U.S. for the first time since 2014 on Friday, a day after the Energy Department played down reports that it was looking at selling barrels from the U.S. Strategic Petroleum Reserve.
While crude prices generally set the trend for other fuels in the global market, the situation is currently reversed, as shortages of natural gas and coal – especially in Asian markets – create a rare opportunity for oil-powered electricity generators.
Later Friday, Baker Hughes’ weekly rig count will show how far U.S. companies are reacting to the price spike by increasing drilling. But the group is seemingly basking in higher prices, at least in the very short-term, depriving the market of the only supply cushion that exists.
(Excerpt) Read more at finance.yahoo.com ...
Building back badder.
Hey, it’s transitory. Remember? And to think, less than a year ago we were pretty much energy independent.
Rising transportation costs = rising inflation.
Selling Strategic Reserve rather than drilling our own oil. Brilliant!
Keep going north!!!
Like 2009 with ayatollah obama, i knew biden is an economic illiterate and I moved a bunch of mutual fund money into natural resource funds. I’ve been way up past few weeks despite the market taking a tumble..
Winter is coming!
And Texas which produces over 5 million barrels of oil per day, is laughing all the way to the bank.
“Later Friday, Baker Hughes’ weekly rig count will show how far U.S. companies are reacting to the price spike by increasing drilling.”
There is no switch to flip that quickly increases drilling. Many OPEC countries need oil around $100 a barrel to cover expenses and their welfare states. When oil is below that, most of OPEC is selling its future to serve the present.
Biden could help America and the world by reopening public lands to drilling. The price would come down immediately as suppliers looked forward to more production from land already explored, approved and ready in working fields. Selling out of the storage capacity is a very short-term method to cover emergencies, not a solution that lasts.
But Gaia must be saved even if it kills us economically to do so.
The Strategic Petroleum Reserve should be offered free of charge to Cuba once they get rid of the communists. It would be doled out as needed. Trade ALL their 1950 Hudsons and Nashes for compact Ford Fiestas and Rangers. They’ll need them for pedal to the metal growth. That will join us at the hip.
Oh, and something else. The price of gas hasn’t moved up yet to cover the recent surge in oil prices. That can’t last much longer, as futures contracts expire new pricing will be higher. I estimate there’s at least 35 cents a gallon in higher price not in retail pricing yet but it’s coming.
That would be great if Cuba’s leaders were as interested in prosperity as they are in communism.
The SPR release is a useless propaganda gesture Democrat Presidents make. It does nothing to solve the problem. It just allows Democrat Regimes to virtue signal to voters that they “are doing something about the crisis”
They like punishing and bringing pain to ordinary Americans to get them on board with their silly climate change propaganda.
...the Energy Department played down reports that it was looking at selling barrels from the U.S. Strategic Petroleum Reserve.
It’s just another government tool that democrats will use for their own interests instead of it’s original purpose. Look at how Social Security funds over time were used. No lock box was there? Then there’s the military-got me started. They could not object to gays serving openly and could appoint woke generals. The SPR is there. They will find their own use for it. Itcalls into question any government program that can be subject to the whims of the party in power. Hopefully the Durham report will call into question the need for the FBI but I’m not counting on it.
biden may get his $8 / gallon quicker than anyone thought
—yep—the SPR is like a pinhead of water in a swimming pool compared to the world oil supply—
Oil from the Keystone Pipeline causes greenhouse pollution, BUT oil from the Middle East and Russia doesn't - - doesn't cause any pollution.
That's why Biden had to close down our ability to be energy independent... because we don't have 'magic' oil and THEY do... /s
(liberal logic is fun)
Last I read there was over 600,000,000. barrels in the SPR in Louisiana and Texas, that’s about a months worth but they can only pump about 4 million a day. Now if they filled it back when oil was running 30 to 40 a barrel they’ll make a nice little profit, which they’ll blow completely trying to refill when it hit’s a 100. a barrel. There’s no reason to dump one barrel of oil from the SPR on the market unless you’re playing the energy market. We know none of our elected officials would ever do that !
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