Posted on 03/06/2022 6:21:28 PM PST by Enlightened1
U.S. crude oil surged more than 8% in early trading on Sunday evening as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.
West Texas Intermediate crude futures, the U.S. oil benchmark, traded 8% higher to above $125 a barrel, the highest since July 2008. At one point the price rose to $130.50 Sunday evening before retreating.
The international benchmark, Brent crude, traded 9% higher to $128.60, also the highest price seen since 2008. Brent hit a high of $139.13 at one point overnight.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.”
The U.S. and its allies are considering banning Russian oil and natural gas imports, Secretary of State Antony Blinken said in an interview with CNN’s “State of the Union” on Sunday.
“We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets,” he said. “That’s a very active discussion as we speak.”
While Western sanctions against Russia have so far allowed the country’s energy trade to continue, most buyers are avoiding Russian products already. Sixty-six percent of Russian oil is struggling to find buyers, according to JPMorgan analysis.
(Excerpt) Read more at cnbc.com ...
Hmm. No mention of “Trump” in the original article.
No problem, already back down to $123.80, heh.
What are you sensing a turn on the Administration?
I doubt the lapdog media will do anything other than make every excuse in the book on how it’s not the basement dummy’s fault.
Americans may suffer, but Europe is absolutely screwed.
Too soon for that, but perhaps the "Trump's fault" excuse is losing its grip.
Any American with a minimal intellect can see the federal government’s manipulation of domestic media, advertising, and news. It is both Orwellian and pathetic.
Anyone that cannot see the NWO scam is just a mushroom that has been fed sh*t and kept in the dark.
Drill, baby, drill.
Germany actually started permanently shutting down all its nuclear power plants.
Germany also voted to shut down all its coal-fired power plants by 2038.
Presumably, the electricity they got from those plants was to be replaced by Russian natgas and unicorn flatulence.
They rescinded the nuke shutdown agenda last week.
There should not be a ban on Russian oil and natural gas.
There should be a free flow of fuel, fertilizer, and food.
There should not be any interference with the physical and financial mechanisms that are needed to make that happen.
I swear, what are these folks thinking?
It sucks to be sitting on the world’s largest reserves of oil, yet powerless to do anything about supply shortages. The world is making jokes about America the way they used to about pollocks.
Why aren’t companies bringing back fracking? They were making s killing when oil was $50-$80 a barrel and only stopped when it dropped to under $30 a barrel as it wasn’t economically feasable. Why haven’t they continued this in a huge way?
Yup. Apparently Germany is making a bit of a U turn on their go-green obsession. They could learn a lesson from the Frogs with 70% of electricity from nukes.
This is what happens when the “President” didn’t win the election and had no mandate. They do whatever they want and the will of the people is never a consideration.
Greenies, they lay low.
Weekend at Bidens will claim this as a good thing as more american wells may open back up.
“See I am putting americans back to work because of sky high oil prices! Why is nobody thanking me and singing my praises?”
Energy extraction is a very capital-intensive industry. Nobody is going to invest the money to open up those drilling operations unless they have confidence that the prices will remain high for a long period of time.
“Why aren’t companies bringing back fracking? They were making s killing when oil was $50-$80 a barrel and only stopped when it dropped to under $30 a barrel as it wasn’t economically feasable. Why haven’t they continued this in a huge way?”
The govt problem: Some private lands have been closed to leasing by Brandon. In areas that are open the govt is sitting on lease requests and not moving them forward. Govt is silently closing the areas while calling them open.
The money problem: Producing requires years of work upfront, which requires investment. Since govt is making it so difficult to produce oil/gas, investors have pulled billions from that area and sent it to green energy. Now there’s no way to just “produce more” when the years of prep work hasn’t been done yet.
Govt is at the root of both problems. It wants it this way.
With Obama/Biden at the helm at least until 2024 that’s a long enough time to get that back on line
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