Posted on 10/06/2022 7:47:34 AM PDT by MNDude
Gas prices that are already ticking back up again might increase another 10% or more following a move by the Organization of the Petroleum Exporting Countries and its allies to cut oil production by 2 million barrels a day.
The Biden administration — which has put a high priority on bringing gas prices down ahead of the 2022 midterm elections — was quick to lash out at OPEC’s decision. As the WaPo reported, administration officials have pressured OPEC leader Saudi Arabia to produce more oil to compensate for the global shortage caused by Russia’s invasion of Ukraine. President Biden himself even visited Saudi leaders during a trip to Jiddah.
“The President is disappointed by the shortsighted decision by OPEC Plus to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” U.S. national security adviser Jake Sullivan and National Economic Council Director Brian Deese said in a joint statement.
The White House does have a couple of options to help offset OPEC’s move. One is to tap into the U.S.’s strategic petroleum reserve, which it has already done this year. Another is to lobby hard for passage of the No Oil Producing and Exporting Cartels bill, which would penalize other oil-producing countries by opening them up to antitrust suits.
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Get the price down to $1.19 by selling it by the liter. If it’s good enough for the Euros...
Democrats & media morons will celebrate cheap gas!
I’ve had my share of fast street cars. I now have an offroad sandcar with 800+hp and I was going to sell it and the wife said no way. She loves to go fast. Sounds like you got a good one also. Go out and have the time of your lives. Its fun.
As high as this administration wants it to.
And a solar powered clothes dryer (50 foot line of rope).
Epoch Times quotes an oil industry exec today saying North America could unleash 20 million barrels per day if the feds got out of the way.
Ten times what opec is cutting.
Well there you go, and I like the attitude. We do similar things. Having fun is the best outlet.
Fall is the traditional quiet time for our economy
..........................................
Oct. 24, 1929
Oct. 19, I987
Oct. 13, 1989
Oct. 9, 2002
Oct. 11, 2007
Sept.16, 2008
https://en.m.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets
Yes, oil companies would respond, that’s how they make a living. We would never have gotten into this situation in the first place if the govt had stayed out of the way.
The stock market looks 6-9 months ahead.
Now list all the years a crash didn’t happen. It will run down off the page.
Yet six of the thirteen since 1929 have occured in the fall....but, whatever.
The stock market and people’s activities are two different things. Talk to any retailer. People spend less and do less in October and that’s what I was talking about. It’s the middle of the lull between summer and the Christmas season.
You and I aren’t arguing, we are just talking past each other. I’m well aware of historical stock market action in October, I’ve been in the stock market since 1979.
I’m thinking short term that 10% would be the max if it hasn’t already hit a short term high. Long Term continued economic malaise will probably hurt oil bringing it into the 70s. Putting my money where my mouth is I sold Suncor today off its lows. Let’s see if I made the right move.
Right now I have heard there was a fire at a refinery and another refinery is on scheduled maintenance. This is pushing gas prices up in western USA and Canada. At least that’s the excuse.
Up 15% in two days. I expect 40% increase by Thanksgiving
still falling in the southeast
Good but I would not expect the trend to continue
I’m betting it will top out at national average of 6.66 per gallon
May well happen ……
$3.59 HERE IN NE OK.....
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