Posted on 03/18/2022 8:51:57 AM PDT by SaxxonWoods
At $200 per barrel, Andurand said demand could fall to balance the market. Directly asked if oil could reach that level this year, he replied that it could. “The fact that maybe to have the same impact on the economy at the high price of 2008, when it was $150, might be actually closer to $250 today. So that’s the way I think of it,” he said.
(Excerpt) Read more at research.tdameritrade.com ...
And we “could” get hit by an asteroid.
It will not go much beyond $110/barrel. At >$90/barrel smugglers will find all sorts of ways to bring as much Russian oil that the world wants to market. Also Russian fertilizer is at a premium and will also find its way to market but a much lesser extent since most cannot afford the high prices.
Putin’s fault....no, unvaxxed fault.....gun owners fault.....Whitey’s fault.....
Naaah !
I’ve been retired from the drilling for oil/gas business since 2014.
I’ve been getting calls asking if I would consider coming back into the field even on a “part-time” basis...LOL, yeah riiiight. Good offers too, but I feel life’s too short, and I’m content with what we have in retirement...sorry guys.
Oil markets are fungible. If Russia sells 50 mill barrels to China and they buy 50 mill less from OPEC, it’s net-net flat.
“And we “could” get hit by an asteroid.”
No one thought it could $147 in 2008 either. What is $147 adjusted for the inflation since 2008?
Yeah.
There have also been predictions of $300/bbl. There’s as big a market for doom porn as there is for oil.
Energy has been so good me, helped me retire at 60 even though I didn’t work directly in energy except as a teenager staking oil wells for George Mitchell. Glad to hear you made it, built it like you wanted it, and now get to live it.
Good job!
I agree with that, fear-porn is everywhere. I just remember no one thought oil could hit $147 in 2008 either.
As soon as it did, it peaked and started dropping, didn’t stop until $27 a barrel.
Peaks last a very short time. If not for Biden...well you know.
It CAN but it probably won’t. OPEC has already increased output, they get it. There’s a butter zone for them that maximizes profits but doesn’t make alternate oil sources profitable. If it gets too high those alternate sources become profitable and OPEC loses money. $200 is way past that line (last I heard the line was around $150, $160).
I’m investor in oil, gas, fertilizer, gold, uranium, crypto and agriculture cheering the advance.
Biden could end this in 15 mins if he wanted to.
Ummm...no
It’s not going to reach $200 a barrel.
It won't. No time soon.
**
Remember, the real inflation rate is about 20% a year right now. $90 or $110 isn’t what it was just a year or two ago.
The only way I see it skyrocketing further is if another threat to supplies comes about e.g. threats or damage to Middle East supply. While maybe unlikely what concerns me is that we are talking with Iran, and Iran could throw a fit or try to prove a point as leverage in those talks. They just recently rocketed Iraq. Could just as easily send their Yemeni militias to attack Saudi Arabia. I doubt they would shut their own oil down but they would have a reason to make their own supply more valuable.
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