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 ...
They have the press singing like a choir in unison everyday, cheering for their madness.
And ANWAR drilling.
And wouldn't it be a gas to see how Biden handles a question that contains the phrase "fungible commodity"?
When oil is at or over $90 per barrel Russia is in fate city to play it’s games if it’s under they they are strapped to keep it going.
Joey knows nothing $$$$$$$$$$$$$$$$$
Guess why the pipe line was shut down.
Good thing we have our full emergency supply. Oops, never mind.
“There is little left to do for the White House and other decision-makers than sit and wait to see how the oil price game will play out.”
not true! they could encourage people to turn down the thermostat and wear sweaters at night in bed ...
"White House Helpless As Oil Prices Climb Higher"
White House Useless As Oil Prices Climb Higher
There fixed it. You're welcome
Helpless my A$$. All this lame brained occupier of the oval office has to do is open up the Keystone Pipe line and problem solved.
Not sure how the Founding Fathers would have even dealt with this, but there has to be SOME remedy to a press that is 100% aligned to only one political viewpoint.
In practice, it becomes no different than the forced-media-viewpoint of the Soviet Union.
There must be a remedy, I just don't know what it is. You'd think free market forces would do the job. They haven't, but you'd think they would.
FIFY
Keystone project is dead. Contractor has already stated he won’t build regardless being reinstated.
Just wait until wage and price controls. We will be repeating Jimmy Carter all over again. Better start planting gardens.
Yahoo laying it on thick again. No, the White House is not “helpless”, it’s stupid, malign, and making policy based on fairy dust and academic “keep oil high so everyone will buy electric cars and solar panels” crap. This stuff didn’t just happen, it was caused.
President Biden could also shut down the pipeline in Michigan.
Why should the U.S. be energy independent? Only President Trump and MAGA supporters liked U.S. energy independence that we saw under the former President.
The White House is not helpless. It well could back up some of the stupid moves they made like stopping the Keystone Pipeline and drilling ssites they shut down. But they will not because they are democrats. They do not have the smarts to correct their mistakes.
Rationality no longer has a part in these markets. Under valued at -$35 and overvalued at $82.
<>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.<>
IOW, outside of poor editing, closure of the Keystone pipeline made no difference.
A Carter 2.0 Malaise Speech is just around the corner.
It was a feature, not an unintended consequence...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.