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 ...
The other new thing is wanting to convert gas stoves/furnaces to electric. They have no idea what they're doing.
its a shame all those American oil companies choose to stop drilling and using pipelines.
oh wait!
that was Brandon that forced them to do that!!!!
way to go Brandon!
“Who in their right mind would invest in energy infrastructure in this country? You never know day-to-day what court, government agency or hippies are going to stop the project on the thinnest of reasons. No, there is no assurance of stability in the regulatory environment. In fact this government goes out of it’s way to be unstable. “
I have made this point before. These are all high capital, multiyear to decades long projects. The potential of the rug pulled out from under them is now never more than two to four years away. And this will still be true with an all Republican, business friendly government.
Biden snd co made decisions... 1 was to cut the pipeline. They make decisions from passion.. revenge... climate ..and dumb steps lead to bad consequences.
If they had continued with what works...
But they are not very smart.
They made their bed, then shit in it, now they complain that it stinks..................
The drillers are only using profits to drill...no long term debt they got crush once ..plus they told Joe go to hell after he added new regulations
true, but Biden IS a Fossil Fool.
Good question
At least they got the first few words of the title correct “White House helpless”
Why would he want to fix it, this was the plan all along.
Whitehouse is foolish not helpless.
Hey jo…just issue an eo banning all ice vehicles…oil will crash along with civilization…no problem…
Pipelines and drilling.
Fixed it.
He has done everything he can to get prices up on “fossil fuels”
There is now record oil and gas and near coal production under Biden.
The problem is OPEC cut back, wall street speculation, shortages in Europe and Asia are driving up prices.
Good article in Forbes is explaining what is happening.
Exactly!
As long as the prices rise slowly, they’ll be fine. Like Obama only minded the spikes that ticked his constituents off.
HELPLESS?? Nope, cut the bullsh@%. Propaganda outlet at it again.
“Who in their right mind would invest in energy infrastructure in this country?”
A record amount of new gas wells where approved in my area in 2021 and new pipelines, pumping stations etc are going in like crazy.
The Marcellus Utica gas reserves i Ohio Wva and PA have pumped out a record gas production in 2021 under Biden. Largest production amount n their history. No I am not giving credit to Biden.
Don’t believe the end of fossil fuels. Natural gas production will be around for decades to come.
Large corporations/fossil fuel co’s control our energy system not the politicians.
They could NEVER put the various pipelines they decommissioned, back into operation. IMPOSSIBRU!
They could never restore drilling on Federal land. IMPOSSIBRU!
They could never back off their declared hostility to fossil fuels! IMPOSSIBRU!
They could never walk back some of their absurd Climate Change initiatives! IMPOSSIBRU!
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