Posted on 08/07/2022 7:00:35 PM PDT by cockroach_magoo
WTI oil prices have given up nearly all their gains since Russia invaded Ukraine, falling roughly 9.5% over the course of the week amid fears oil demand is collapsing.
Some oil pundits are now claiming that the Biden administration has been fabricating low gasoline demand data in order to drag prices lower.
While Gasbuddy claims there was a 2% rise in gasoline demand last week, the EIA reported a 7.6% drop in demand.
[SNIP]
The collapse in oil prices has been so epic and unexpected that some oil pundits are now accusing the Biden administration of fabricating low gas demand data in a bid to hammer oil prices.
To wit, in late June the EIA shut down reporting for several weeks, ostensibly due to a server malfunction. But as ForexLive has pointed out, gasoline demand data has been consistently bad ever since the EIA returned: "Maybe there's an issue with reporting or maybe it's a conspiracy", ForexLive has declared.
Even Wall Street has begun questioning the EIA data.
Bank of America energy strategist Doug Legate has published a note titled the "fall of gasoline demand appears grossly exaggerated."
(Excerpt) Read more at oilprice.com ...
High prices at the pump - lots of folks made Summer plans without long drives. I did.
4th of July weekend may have been the last hurrah for the Summer driving season.
Senate Democrats just passed a big tax increase on oil and natural gas. If that monstrosity becomes law then futures will bid up because supply will be restricted.
It’s kinda odd. We are supposed to be 100% behind Ukraine and Taiwan but we are knee-capping our petroleum industry.
Don’t you think we will need oil if war comes? We don’t have battery-powered jets and tanks, after all.
You seem to get more server malfunctions as elections get closer.
My thought is...the demand is down because the cost of gasoline is up.
I’m driving less to keep the cost down
As much as companies are trying to get their people back in the office, people found it was cheaper to just stay home. Demand is definitely down.
Why would the Brandon gang have to talk down Demand. They are the literal embodiment of the "everthing is fine" dog.
EVERYTHING is now expensive. The "Oil Pundits" didn't think people wouldn't realize this?
We aren't made of money.
You didn’t know we can run tanks off of magical unicorn farts now? The Demonrats will it.
Gas will be six bucks by Thanksgiving…..they need to have more heating oil..and there will be more driving when school starts and diesel fuel for school buses…
I only drive to work, the grocery store, and Church on Sunday.
The simple answer is that Russia has found ways to sell a lot of oil, and at a discount. That is going to drive prices down.
and the emergency reserve is being drained
No, it is just not the oil, it is inflation as a whole that is eating into people’s budget. Apparently, these writers do not go shopping at the local markets for one thing. So one of the places they have cut back is on travel and gasoline. That means demand is down.
NOTHING about this government is legitimate.
Everything else has become political narrative - from Ukraine/Russia, to Covid to racial pandering.
Lying about gasoline demand would be easy.
Sanctions on the russians will cause their oil production to decline by 5-6 million barrels a day that are not coming back.
That will start this winter because the russians don’t have the tech to keep their oil running. When the oil stops running the permafrost gets in and kills oil pipes permanently.
A whole lot of hurt and high gas prices are coming to the world next year.
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