Posted on 03/09/2022 10:44:44 AM PST by ChicagoConservative27
The price of oil crashed on Wednesday after the UAE reportedly said it would encourage fellow OPEC members to increase oil production levels.
“We favor production increases and will be encouraging OPEC to consider higher production levels,” said Yousef al-Otaiba, the UAE’s ambassador to Washington. This statement was first reported by the Financial Times.
(Excerpt) Read more at breitbart.com ...
He may be “encouraging” them to do so, but will they?
Betcha they won’t.
That is just one OPEC member saying this. They have to agree collectively to boost output before this becomes tangible.
Right now, it is just a pipe dream
If it happens, the price drop will be a matter of days.
It ain’t gonna do chit for our gas prices.
Domestic oil is the new Ivermectin.
Just think how much it would “plummet” if we drilled and produced out very own stores. And, what was promised behind closed doors to get the suggestion? You know it ain’t free. Weird that it jumps a buck in a week but will take months to drop 50 cents. Yeah, I know. It was already calculated in or something.
That’s not a crash, that’s a walk-back of a small piece of a furious runup. The UAE just signed an agreement with the rest of OPEC after a fight about UAE wanting to produce more, are they going to break it now? The rest of OPEC will frown on that.
They can’t produce enough to make that much difference if they do break their deal.
So they say the will.
Heating oil futures down 90 cents today. For a 500 gallon tank, thats $450 less per fill.
Gas futures down 40 cents. Booyah!
I wouldn’t exactly call it “crashed.”
When I’m back to paying 2.00 a gal then we will talk.
The UAE/OPEC group wouldn’t pick up the phone to talk to Brandon. They are increasing production on their own since it’s good for THEM. Brandon cannot take credit for any reduction in the cost of a barrel of oil. FJB/LGB
I filled up this morning, bad timing LOL
15 gals / 60 bucks
What are the chances that they did that because of all the heat thats on that fktard Brandon back here in the States? If in order to better save democrat control, Brandons only next step is to go back to Trump Energy Policies and PROVE that USA oil is the best answer FOR the USA...the UAE had their arms twisted to open the valves more.
Good.
Anything that hurts speculators (or short sellers, or the SOB’s who bet ‘Do not pass at craps) makes my heart happy.
You know it’s bad when they have a loan officer asking if you need to get prequalified before you reach for the pump handle.
As a retiree I can really limit my usage as needed, but feel bad for people who commute and/or are on the road for work.
” They are increasing production on their own since it’s good for THEM”
OPEC members DO NOT want super high prices. That drives people and industry to find ways to move away from their product.
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