WTI (American Crude Oil) Drops Below $100 As Recession Fears Grow

OilPrice.com ^ | Jul 05, 2022 | Michael Kern

[BeauBo]

Despite serious supply problems in the market, oil prices crashed on Tuesday morning (5 July 2022) due to renewed recession fears and the prospect of demand destruction.

[BeauBo]

Brent (European crude oil) futures also lost a hefty 10% today, dropping close to $102 per barrel. It had peaked over $120 during last month (June 2022).

[frogjerk]

What’s with all the recession fears? We are already in one.

[unixfox]

They misspelled DEPRESSION.

[mikelets456]

People traveling a lot less…less demand less $$$$. Biden’s America!

[1Old Pro]

A pending economic collapse will hurt demand.

[frogjerk]

Especially when 1000’s of flights being cancelled is becoming a regular occurrence.

[mylife]

where’s the $2.99 lb rib eye?

[cymbeline]

“A pending economic collapse will hurt demand.”

Looking at the economy is like looking into an operating front load washing machine with dirt used for soap.

[Chad C. Mulligan]

Leading Indicator: My local village gas station was $4.46 this morning. Twenty cents cheaper than anywhere else. Their latest delivery must have preceded those to the other retailers I drove by. (They are usually ten cents higher.)

[ConservativeInPA]

Well, at least gas prices will stabilize. Welcome to the malaise.

[kiryandil]

In the 2 ounce package...   

[Army Air Corps]

Welcome to the malaise.

Next, Biden wears a sweater during a speech from the White House..

I guess that he'll also reveal in an interview that he lusted in his heart...over a 12-year old...

[Newtoidaho]

Gas has been $5.30 a gallon where I am the past week. They raise the price at the speed of light whenever crude goes up but when crude drops they keep the price very high as long as possible.

[woodbutcher1963]

I bought $8.99 Ribeye about a week ago at Hannaford’s in NH.
It was as high as $18.99/lb a few months ago.
The local butcher shops got up to $24/lb.

It is my favorite cut of steak, so I check it whenever I go into the grocery store.

[Hostage]

Last week the Biden regime sold off the Strategic Petroleum Reserve to lower its level to 51%.

Flooding the oil market with wartime reserves to avoid criticism of inflation is not what the SPR was intended for.

So Biden has restrained American oil distribution by cutting supply AND sold off the SPR to weaken America’s emergency reserves.

Getting the picture?

[Red Badger]

where’s the $2.99 lb rib eye?

Still chewing its cud...................

[JD_UTDallas]

KROGER had Nolan Ryan Black Angus ribeyes for $5.99 lb for the holiday. They do ever other week chuck or shoulder roasts for 3.97lb and those steaks come on sale once a month. This is in DFW well 45 min north of Dallas. Texas has plenty of beef.

[familyop]

Fuel prices, heat wave, and families are bunching up and thumbing their noses at the foreign and out-of-state investor real estate insanity. Consumers will continue to consume voraciously, though. They’ll just do it more locally. The latest illegal drug plague is also probably contributing, with drug abuse precluding long distance travel for many.

[clearcarbon]

"They misspelled DEPRESSION."

Something comrade biden inherited from comrade obama.

[clearcarbon]

"Next, Biden wears a sweater during a speech from the White House.."