Posted on 10/07/2022 9:12:51 AM PDT by SaxxonWoods
Major oil-producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy.
And the law of supply and demand suggests that can only mean one thing: higher prices are on the way for crude, and for the diesel fuel, gasoline and heating oil that are produced from oil.
The decision by the OPEC+ alliance to cut 2 million barrels a day starting next month comes as the Western allies are trying to cap the oil money flowing into Moscow's war chest after it invaded Ukraine.
Here is what to know about the OPEC+ decision and what it could mean for the economy:
(Excerpt) Read more at nbcnewyork.com ...
By slashing American energy production Biden gave OPEC a powerful weapon to use against.
Gas at the local Costco was $2.95/ gallon 2 days ago.
Yeaterday $3.03, today $3.12.
Going up!
If I could work less and make more I’d do it…especially if I worked for an enemy.
Yes, and it was easy to see it coming. The stupidity is amazing. He tried to play poker with the weakest possible hand, how dumb is that?
This move by OPEC is good for energy companies and investors, bad for consumers. So now Biden will blame/attack the energy companies that had nothing to do with the entire fiasco he has created.
And here we sit with billions of barrels of oil under our feet.
Not focusing on increasing domestic production is a huge mistake...that said, OPEC members cheat voraciously on their production numbers and will easily go over the limits imposed on them. Demand for energy and greed will outstrip attempts to control supply.
WTI is up 4.65% at the moment, back over $90/bbl.
That is SO cheap!
Where do you live? I want to move there! (Slightly joking)
Where I live is up to $7/gal. :(
Are you in California?
Where do you live? I want to move there! (Slightly joking)
.....................
NC, but you wouldn’t like it. g
To further your analogy, the hand Biden is playing is weak because he threw away several good cards at the beginning of the hand. Had he kept them, he would have had an extremely strong hand.
You need to read up in the energy mags about that. OPEC's 2mm barrel cut is really only 1.2mm because most OPEC members couldn't meet their old quotas. Lack of future investment can't be solved without years of waiting and they haven't been getting those investments as some of that money now goes to Green energy. The Saudis can over-produce but they won't. They are very smart at energy analysis and they know exactly where their best price-point/production level is.
Don't think of it as getting drubbed in the next election by an angry polity, Dems, think of it as the sacrifice you'll make for Green Energy (tm).
Yep, loving it but I’m sorry for those who can’t take advantage of it. My nat gas royalties alone pay more than 4 times what I spend on gas a month.
Stupid DC neocons thought they were simply manufacturing another proxy-war, grinding up Ukraine to weaken Russia.
They simply missed the fact that all the BRICS might have lined-up against us, and now OPEC has declared economic war on us as well.
At my local Costco here in SoCal it was $4.85 4 weeks ago and now it is at $6.09.
Here behind enemy lines in MD, the price just jumped 25 cents per gallon in the past two days...
Nigeria Exceeds Oil Production Cuts For Feb As OPEC Achieves 79% Compliance
79% compliance...🤔🤔🤔
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