Posted on 03/11/2022 4:57:36 AM PST by where's_the_Outrage?
The highest oil prices since the 2008 financial crisis are dealing a heavy blow to the global economy, slowing Europe’s pandemic recovery to a near stall and complicating the fight against inflation in the United States.
China, the world’s largest oil importer, will probably strain to reach this year’s economic growth target, while developing countries in North Africa and the Middle East confront the danger of social unrest over rising energy and food costs, economists said.
The interruption of Russian oil shipments, including the U.S. import ban that President Biden announced Tuesday, represents one of the largest supply disruptions since World War II, according to Goldman Sachs. With other major oil producers unable or unwilling to increase output in the short run, the per-barrel price of Brent crude, the global benchmark, hit $128 earlier this week, up nearly 65 percent since Jan. 1.
Still, Capital Economics says it would take oil prices of $200-plus to trigger a U.S. recession. One reason is that U.S. households together have an ample $2.5 trillion savings cushion, dwarfing the estimated $150 billion to $200 billion cost to consumers of higher pump prices, said Ian Shepherdson, chief economist of Pantheon Macroeconomics....
Reacting to Thursday’s inflation news, Biden blamed rising energy prices, which he labeled “Putin’s price hike,” one of four times he name-checked Russian President Vladimir Putin in a five-paragraph statement.
(Excerpt) Read more at msn.com ...
The compost seems to have missed that over 60% of Americans are living paycheck to paycheck and don't have a cushion.
Biden blaming our high gas prices on Russia.... Lying SOB using Russia as a distraction as he destroys America’s oil industry and is playing electric car salesman. ENOUGH IS ENOUGH.
Opec laughs and laughs to the bank.
” But the shale oil revolution has made the United States one of the world’s largest oil producers, so higher prices boost oil company profits and investor returns.”
This is an interesting tidbit, I seem to recall reading that shale oil producers saw little bang for their investment buck with low oil prices. But now with oil at over $110 and climbing simple greed should drive shale oil production. Of course it does not benefit these producers to drive oil back under $100.
Sounds like the Communist Gazette thinks we should start drilling again?
Does anyone believe the post?
Oil prices were going up long before the war in Ukraine.
Retirees are watching their “cushion” go flat very fast.
You fail to mention that producers have been shackled by Biden’s new stringent environmental regulations or that they fear investing new money in an industry that Biden vows to eliminate. Add to that no new drilling on federal lands, shutting down further production in ANWAR, and slow walking new permit applications.
If Biden wanted to open the floodgates on oil, he could do it in a heartbeat. Just make increased production a national security priority eliminating the red tape and giving other incentives. His announcement of that policy would immediately cause world oil prices to drop.
PS: Biden raised the taxes (royalties) on oil production on federal lands.
True. True. True. True. True. And true.
Sure, that’s it.
How about we mitigate the effect of the Russian invasion by every country putting as much oil on the market as is necessary to replace the commies?
Way to go Post with your unbiased and unslanted reporting . . .
“$2.5 trillion savings cushion”.
Gates, bezos, zucker, buffet equals that.
I hear that the Senate passed the trillion dollar package without reading it. Not on word about any incentives to ramp up our domestic energy program. These morns don’t plan, just react too late. We better start producing or next year’s heating season will be a major catastrophe.
Media Spin: Economic impact of Russia’s invasion spreads.
Non Media Fact: Economic impact of Biden’s cause of invasion
spreads by shutting down oil supply.
Deep States are waging war on their citizenry.
Our enemies within a far more immediate threat than Putin.
Our enemies are arming Putin and China it’s why the November election are critical.
stop the democrats
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