Posted on 03/09/2022 2:08:53 PM PST by Callahan
New York/Abu Dhabi (CNN Business)The oil market has been stretched incredibly thin, with few producers willing — or able — to replace Russian barrels banned by the United States and shunned by others. Enter the United Arab Emirates, which suggested it may be coming to the rescue.
The UAE's ambassador to Washington, Yousef Al Otaiba, told CNN Wednesday that the country wants to increase oil production and will encourage the Organization of the Petroleum Exporting Countries (OPEC) cartel to ramp up supply. Otaiba's comments sent oil prices dropping like a rock Wednesday. US oil fell 12% to less than $109 a barrel. Brent crude, the global benchmark, fell 13% to $111 a barrel. It marked their steepest one-day decline in nearly two years. If the UAE convinces its partners to turn on the spigots, it would mark a turnaround for the cartel, which at its meeting last week with allied producers — a group known as OPEC+ — agreed to stick with a plan of gradually adding oil to the market, defying pressure from developed economies to do more to ease prices.
(Excerpt) Read more at cnn.com ...
UAE runs the show?
OPEC has never gone back on their word before.
I am sure they’ll open the spigot if the price is right.
At least somebody said something, but wasn’t the climate change fanatics running our country.
I miss Trump! The crazy OPECkers, not so much.
US oil prices drop by 12%... Gas pump prices haven’t moved yet when prices go up pump prices change 2 or 3 times a day.
They should have dropped ~0.45 cents a gallon
And to think that under Trump we were exporting oil.
With the current price of oil - I wouldn’t be shocked if members of OPEC ramp up their “off-the-books” production to take advantage of these soaring prices.
tx
UAE just finished a months-long fight trying to be allowed to produce more than their quota. The Saudis didn’t like that and eventually the UAE agreed to hold where they were.
Most of OPEC can’t even meet their production limits, so UAE may think they can fill that hole. The Saudis like things the way they are.
The gas headed to the stations now was bought months ago. We haven’t even caught up to today’s price, not even close. I figure we have 40 cents to go if the price stays right where it is today.
This was sent to me, found interesting & thought I’d share but I don’t have time to research if factual:
U.S. OIL SUPPLY.....INCREDIBLE..!!
About 6 months ago, there was a news program on oil and one of The Forbes Bros. was the guest. The host said to Forbes, “I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. Have in the ground?” Forbes did not miss a beat, he said, “More than all the Middle East put Together.”
The U.S. Geological Service issued a report in April 2008 that only Scientists and oil men knew was coming, but man was it big. It was a revised report (hadn’t been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and Extreme eastern Montana.
Check THIS out:
The Bakken is the largest domestic oil discovery since Alaska’s Prudhoe Bay and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable (5 Billion barrels), at $107 a barrel, we’re looking at a resource base worth more than $5.3 trillion. “When I first briefed legislators on this, you could practically see their Jaws hit the floor.
They had no idea.” says Terry Johnson, the Montana Legislature’s financial analyzer. “This sizable find is now the highest-producing onshore oil field found in the past 56 years,” reports The Pittsburgh Post Gazette.
It’s a formation known as the Williston Basin but is more commonly referred to as the ‘Bakken.’ It stretches from Northern Montana, through North Dakota and into Canada. For years, U.S. Oil exploration has been considered a dead end. Even the ‘Big Oil’ companies gave up searching for major oil wells decades ago.
However, a recent technological breakthrough has opened up the Bakken’s Massive reserves, And, we now have access of up to 500 billion barrels. And because this is Light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!!!!!
That’s enough crude to fully fuel the American economy for 2041 years Straight. And if THAT didn’t throw you on the floor, then this next one should - Because it’s from 2006 !!!!!!
U.S. Oil Discovery - Largest Reserve in the World Stansberry Report Online - 4/20/2006. Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the Largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush Mandated its extraction. In many recent years of high oil prices none has been extracted. With this mother lode of oil why are we still fighting over off-shore Drilling?
They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on Earth.
Here are the official estimates:
8 times as much oil as Saudi Arabia
18 times as much oil as Iraq
21 times as much oil as Kuwait
22 times as much oil as Iran
500 times as much oil as Yemen
And it’s all right here in the Western United States !!!!
HOW can this BE? HOW can we NOT BE extracting this? Because the Environmentalists and BIDEN ADMINISTRATION have blocked all efforts to help America become Independent of foreign oil! Again, we are letting a small group of people Dictate our lives and our economy. WHY?
James Bartis, lead researcher with the study says we’ve got more oil in this very compact area than the entire Middle East, more than 2 TRILLION barrels Untapped. That’s more than all the proven oil reserves of crude oil in the World today, reports The Denver Post.
Don’t think ‘OPEC’ will drop its price even with this find? Think again! It’s all about the competitive marketplace, it has to. Think OPEC just might be funding the environmentalists?
Got your attention yet?
Now, while you’re thinking about it, do this:
Pass this along. If you don’t take a little time to do this, then you should stifle yourself the next time you complain about gas prices, by doing NOTHING, you forfeit your right to complain.”
I don’t think so according to the Arab news:
“Now, the U.S. is appealing to Saudi Arabia and the UAE to make up for the loss in Russian supplies – however, both nations refused to pump more oil and will instead stick to OPEC protocols.”
I just got heating oil today. 151.9 gallons at $4.63 9/10 for $704.66.
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