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Oil prices are headed beyond $80 in 2022: analyst
Yahoo Finance ^ | December 28,2021 | Brian Soz

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 ...


TOPICS: Business/Economy; Crime/Corruption; Government; Politics/Elections
KEYWORDS: biden; letsgobrandon; oilprices; poopypantsbiden

1 posted on 12/28/2021 6:56:55 PM PST by Hojczyk
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To: Hojczyk

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.


2 posted on 12/28/2021 7:00:10 PM PST by elpadre ( ying them.)
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To: elpadre

I wish the Biden supporters had left up their yard signs so I knew from which cars to siphon fuel.


3 posted on 12/28/2021 7:03:06 PM PST by KierkegaardMAN (This is the sort of stuff up with which I shall not put!)
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To: elpadre

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.


4 posted on 12/28/2021 7:29:58 PM PST by crusty old prospector
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To: elpadre

A few years ago, we imported quite a bit from Venezuela but obviously they suck and have imploded.


5 posted on 12/28/2021 7:32:22 PM PST by crusty old prospector
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To: crusty old prospector
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.

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.

6 posted on 12/28/2021 7:35:45 PM PST by spokeshave (Get ahead by banning fossil fools, like McConnell, Biden, Pelosi, Feinstein, Schumer, Leahy, etc.)
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To: spokeshave

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.


7 posted on 12/28/2021 7:42:27 PM PST by crusty old prospector
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To: Hojczyk

Nobody is more bullish on oil than Joe Biden.


8 posted on 12/28/2021 8:24:40 PM PST by Theoria
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To: crusty old prospector

I disagree.

“Frackers” did OK despite Obama. When Trump came in and unshackled the industry by reducing taxes and overly onerous regulations they blossomed.


9 posted on 12/28/2021 9:29:33 PM PST by jdsteel ("A Republic, Madam, if you can keep it." Sorry Ben, looks like we blew it.)
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To: Hojczyk

Biden owns this 110%, period!


10 posted on 12/29/2021 1:06:07 AM PST by existentially_kuffer
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To: jdsteel

Sorry, then you would be wrong.


11 posted on 12/29/2021 6:50:06 AM PST by crusty old prospector
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To: crusty old prospector

My statement is historically accurate, sir.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus1&f=a


12 posted on 12/29/2021 7:26:37 AM PST by jdsteel ("A Republic, Madam, if you can keep it." Sorry Ben, looks like we blew it.)
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To: crusty old prospector
Actually, Trump a lot to do with making America energy independent and a net oil exporter. Technology has only gotten better but energy production under Biden has collapsed. The reason America has been dependent upon foreign oil is because America's political class wants it that way. They pay lip service to energy independence but sabotage our energy sector in the back rooms of Washington
13 posted on 12/29/2021 10:48:27 AM PST by rdcbn1
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To: jdsteel

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.


14 posted on 12/29/2021 11:07:09 AM PST by crusty old prospector
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To: crusty old prospector

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.


15 posted on 12/29/2021 2:35:02 PM PST by jdsteel ("A Republic, Madam, if you can keep it." Sorry Ben, looks like we blew it.)
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