Posted on 03/03/2022 5:58:41 AM PST by devane617
Oil prices are spiraling higher on supply concerns as the Russia-Ukraine crisis develops, and this could lead to demand destruction and an economic recession, according to an oil analyst.
“I’m concerned that we don’t have enough oil at all here, and we need to go to $120 to $150 [per barrel], and then we get into economic destruction,” said Paul Sankey of Sankey Research.
The firm sees oil trading between $100 and $150 per barrel until the situation in Ukraine is resolved, according to a research note.
International benchmark Brent crude futures jumped 3.24% to $116.59 per barrel, after earlier crossing the $119 level. U.S. crude futures climbed 3.26% to $114.21 per barrel.
Oil cargoes from Russia “simply aren’t moving” following the invasion and news of sanctions, despite lower prices, Sankey told CNBC’s “Squawk Box Asia” on Thursday.
Way to go Brandon.
First official act was to shut down drilling and pipelines.
Time to spin up those wind turbines!
You will own nothing and you will like it, because you will be dead.
Good thing they got rid of President Trump and cheap gas! 🙄
Idiotic
And Texas (over 5 million barrels a day) and Putin are laughing all the way to the bank.
Hey, as long as Putin conducts the invasion in a climate friendly way, we’re good. /s
Good news for Wall St and the elites. They will rake in billions, like during the scamdemic.
“Oil prices are spiraling higher on supply concerns as the Russia-Ukraine crisis develops, and this could lead to demand destruction and an economic recession”
I believe this works into Biden’s, I mean Biden’s handlers, plans to Build Back Better. You have to destroy the present system to do that.
Hurry. Get your electric go carts to save the world.
But for the criminal malfeasance of first Obama and now Biden, the Keystone pipeline would be complete and delivering hundreds of thousands of barrels of oil daily. The democrat criminals’ five year sabotage of construction will prove to be a grievous offense against the American people and their energy security.
“They’re putting themselves on the wrong side of history, making themselves an unreliable supplier and reminding the world why we wanted to get off Middle East oil in the first place,” he said.
This is legendary. The nation with the most capacity and ability to quickly flood the market with supply is the USA. No mention of opening up the leases and permits that Biden shut down back when we were a net export nation of oil.
I need to refill my 250 gallon “fuel cell” now. The last time it cost $2.25 a gallon. This one is going to be pricey. But I’m going to have to take the risk...
Captain Obvious smiles again.
Cheap energy...prosperity, a comfortable life.
High cost of energy...ride the bus or walk to work.
Forced to live close to workplace, which limits job opportunities.
Economic destruction is exactly what the Brandon administration wants. They needed Russia to blame it on, so they pushed hard to start a war.
It’s going to get embarrassing when the Mexicans start going south back across the border in search of “a better life”. LOL.
For the last 8 years, oil has been around $50 / barrel. It could easily triple, although the shock wouldn't be as great as '73, since the longer term average is more like $70 or $80.
From https://inflationdata.com/articles/inflation-adjusted-prices/historical-oil-prices-chart/
Take a look at 2008, that’s where we’re headed. It was a really bad stock market and recession.
And the lemmings that are the citizens of the USA have been too busy getting into fistfights at Junior's soccer game to care. Yet those same lemmings don't care that the teachers are turning "Junior" into a "Judy."
That's why we're failing.
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