Oil prices surge after surprise move to cut output

BBC ^ | Apr 2, 2023 | By Nick Edser

[11th_VA]

Oil prices have surged after several of the world's largest oil exporters announced surprise cuts in production.

The price of Brent Crude oil jumped by more than $5 a barrel, or 7%, to above $85 as trading began.

The increase came after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels a day.

Oil prices soared when Russia invaded Ukraine, but are now back at levels seen before the conflict began...

[11th_VA]

Gasoline prices going to rocket this week

[usconservative]

We're already at $4/gal as of last week.

It's going to be an ugly summer for travel, and wait till fuel prices impact the cost of everything again. Woo boy, and here the dumbasses in the half-wit administration thought inflation was transitory? MWAHAHAHAHAHA! FOOLS!

[Robwin]

Not to worry. Biden will make up any shortages by releasing holdings from the Strategic Petroleum Reserve.

Oh, wait...

[Robwin]

Not to worry. Biden will make up any shortages by releasing holdings from the Strategic Petroleum Reserve.

Oh, wait...

[know.your.why]

Remember...as I know everyone does...gotta say it anyway...we went from oil independence/net oil exporter/most oil producing nation on the planet to this in Three Years. FJB and the deep state completely and totally.

[DennisR]

And the Demonrat morons who run Washington state cannot tax the sale of gasoline enough. What fools they are. 🤮🤮🤮

[Dan in Wichita]

Trump and MAGA Republicans will be blamed for increasing energy prices.

The half of the country that is cheering Trump's indictment will believe it. Not one vote will change as a result of skyrocketing prices at the pump.

[politicket]

More price inflation in the midst of monetary deflation.

Keep your arms in the ride and bar tight across your waist.

[who knows what evil?]

‘Surprise cuts’...LOL!

[Osage Orange]

Gasoline here,,,,was 2.99 a gallon....now it’s 3.09....FWIW

[PGR88]

A dozen OPEC countries coordinate a large production cut, and Pedo Joe doesn’t have a clue its happening.

[broken_clock]

Gasoline prices going to rocket this week

[usconservative]

Oh, wait...

Wait indeed. Aren't the reserves empty by now because Biden sold them all off to China?

[usconservative]

At least I can use up the remaining of the 500 or so that I bought a few years ago with each visit to the gas pump ...

[lgjhn23]

“...and Pedo Joe doesn’t have a clue its happening...”

Awwww...come on, man!
Give pedoPIG a break.
He knows exactly what’s happening: chocolate chip ice cream and praising the TransQueers for killing helpless, little, innocent kids. He’s in the “know”, donchayaknow???? pedoPIG for POTUS!!!

[jimwatx]

This is a direct result of Biden saying publicly yesterday that he wasn’t going to start refilling the strategic petroleum reserve like he earlier said he was. So OPEC is dropping production to keep the price higher. (and basically giving Biden the finger for going back on what he said earlier that he would begin refilling when oil prices got to the point they are now).

[Attention Surplus Disorder]

I can’t help feeling that the Saudis are giving Biden the golden crested middle finger with extreme prejudice.

[gibsonguy]

What is mostly unknown because it of course went unreported is much of oil Biden ransacked was sent to the ChiComs.

[markman46]

Ummm oil prices are rising so gas prices will follow soon what 30 days or so. We’ll 5.00 gas in calif again

[Republican Wildcat]

I guess Biden can just sell off the last of the Strategic Petroleum Reserve all the while claiming we can’t produce our own oil because of climate change...apparently the oil from the SPR gives off less emissions.