Posted on 01/18/2022 7:32:05 AM PST by Hojczyk
Morgan Stanley expects Brent crude to reach $90 per barrel later this year. This is also the price forecast of Goldman. JP Morgan recently said that crude could reach and exceed $100 this year, noting the decline in OPEC spare production capacity. The latest to join the bullish choir is Vitol, whose head for Asian operations told Bloomberg last week that oil had further up to go because of tight supply.
What this means for the Biden administration and its efforts to keep gasoline affordable for voters ahead of the midterms is nothing good. Perhaps more SPR releases could be organized, but that would have little more effective than the first announcement: like plenty of analysts has explained, oil prices are influenced by global rather than local factors, even a major oil-producing country such as the United States.
There is little left to do for the White House and other decision-makers than sit and wait to see how the oil price game will play out. It is telling enough that OPEC does not want Brent to reach $100, per comments made by the oil minister of Oman.
"We're very careful at OPEC+, we will look at each month as we go," Mohammed Al Rumhi told Bloomberg in an interview last week. "But so far, I think 400,000 is good because demand is increasing and we want to make sure that the market is not overheating. We don't want to see $100 a barrel. The world is not ready for that."
(Excerpt) Read more at finance.yahoo.com ...
Good thing Joe cancelled Keystone Xl
Helpless? Restore the Keystone XL pipeline.
Helpless??? More like clueless.
You do not believe that propaganda bullshit, do you? The sheep, especially the Biden voters do.
Why would this Yahoo Presstitute think for a second that Biden wants lower fuel prices?? Been Hitting the Pipe early Today? This is why we need DRUG TESTING FOR PRESSTITUTES
Brandon has fallen and he can’t get up.
Imagine what Yahoo would be saying about rising prices if Trump was president. All his fault no dobut.
Biden strikes again. A clueless puppet figure head.
He has done everything he can to get prices up on “fossil fuels”. There is no such thing as a fossil fuel.
fjb
I guess the propagandists known as the MSM have decided that portraying the energy crisis as beyond the control of the White House is better than truthfully reporting that Biden and the Democrats are the cause of it.
I would suggest they look for the magic wand that Trump used. But that wouldn’t aid in reaching their real goals.
What a selfish stupid little man elected by selfish stupid little people.
Biden is so bad he cant even do nothing right. He keeps making it worse.
I said it before, 2020 election was about deciding if we wanted the 2019 economy back or if we wanted Venezuela. We're getting Venezuela.
Who is the idiot who wrote this crap? Biden deliberately did things to ensure prices went up!
But Biden himself is a “fossil FOOL”.
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