Posted on 01/26/2022 8:35:52 AM PST by SaxxonWoods
Brent crude futures, the international oil benchmark, topped $90 on Wednesday for the first time since 2014, adding to oil’s blistering recovery since its pandemic-era lows in April 2020.
The leg higher comes amid growing geopolitical tensions between Russia and Ukraine, and as supply remains tight amid a rebound in demand.
The contract added more than 2%, hitting $90.07. West Texas Intermediate crude futures, the U.S. oil benchmark, also advanced more than 2% to $87.43 per barrel.
(Excerpt) Read more at cnbc.com ...
I put a Biden “I did that” sticker on my computer screen.
Gasoline will be $4.00 - $5.00 a gallon before November..................
Bill Bark Butter you dog faced pony soldier
Russia and the 9/11 Saudis are very grateful to Biden and his quashing of American pipelines, fracking, extraction and exploration. China is not so happy.
“Gasoline will be $4.00 - $5.00 a gallon before November..................”
Looks that way, but in weeks, not months.
Cheapest gas in Los Angelos this morning: $3.91 for regular.
Second cheapest: $3.98
Please 150 a barrel
Stolen elections have consequences
Hopefully higher!
A love story if ever there was one!
It makes sense to take actions which makes the US NOT energy independent.(s)
It’s been there for a while where I live.
Really? You can’t find anything under four bucks in the OC!
Our area, Florida western Panhandle, it hovers around $3.00................
OPEC+ will get very interested in producing more soon, though they are constrained like us by lack of investment in future production.
Biden could bring it down all by himself just like Bush II did. $147 to the $30’s in a few months in Bush’s case. But Biden’s boss Obama wants $7 gas, remember?
Really? You can’t find anything under four bucks in the OC!
Brutal, and the latest jump in oil price isn’t even in the gas price yet, futures buying slows the increase timing.
You can check your area on Gasbuddy.com.
I think someone said that would be an all time high, Now that isn't good for democrats.
NOT 1914, but 2014.
I can hardly remember that far back! /s
$100 a barrel used to be GOOD! It seems to be a mean where everyone benefits.
Cheap prices at the pump only last until the supply dries up.
Supply/demand you may remember it.
Remember when oil prices dropped so low that Trump had to intervene to “stabilize” oil prices? (RAISE them) We were looking at NEGATIVE prices for oil. MINUS - , paying someone to take it. Not good for that 3 letter thing J O B S.
We didn’t become energy independent and an exporter of energy on $20 a barrel oil.
See graph of oil prices:
https://www.macrotrends.net/1369/crude-oil-price-history-chart
By the way my FRiends, the main cause of the surge in price is the product of big investors “going green” rather than investing in future oil production, plus Biden’s idiotic closing of American govt production areas. (Obama did the same).
Lack of investment means you can’t just hit a switch and produce a lot more oil quickly. the only way I see to lower these prices much is a decline in demand. The opposite seems more likely as airline fuel use should increase soon worldwide.
“We were looking at NEGATIVE prices for oil.”
Trump didn’t need to do anything about that but it looked good to contribute. The negative price was due to a futures trading aberration that lasted 2 days. Oil went to +$17 within 48 hours and hasn’t look back for long since.
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