Posted on 04/03/2023 3:59:11 AM PDT by Oldeconomybuyer
Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day on Sunday, calling it a "precautionary" move aimed at stabilising the market.
The reductions, on top of a Russian decision to extend a cut of 500,000 barrels per day, and despite US calls to increase production, risk stoking inflation and pressure to raise interest rates.
Cuts by Saudi Arabia, Iraq, the UAE, Kuwait, Algeria and Oman from May to the end of the year will top one million barrels per day -- the biggest reduction since the OPEC+ cartel slashed two million barrels per day in October.
Russia, a leading member of the OPEC+ cartel, said it was also extending an existing cut of 500,000 bpd to the end of this year, describing it as "a responsible and preventive action".
Oil prices soared almost six percent in Asian trade on Monday morning with West Texas Intermediate jumping by 5.74 percent to $80.01 a barrel and Brent climbing 5.67 percent to $84.42.
A Saudi energy ministry official "emphasised that this is a precautionary measure aimed at supporting the stability of the oil market", the official Saudi Press Agency said.
(Excerpt) Read more at france24.com ...
All eyes on Trump stuff right now while things are spiraling out of control financially for the US. I wish that jerk in the photo above would choke on his ice cream.
Regular gasoline at Love’s Truckstop
$1.97.9 Election day 2020
$3.89.9 April 1, 2023
Loves, Flying J, Pilot....... all have posted prices considerably higher than others, even those at the same exit. Where I travel, the margin is quite significant.
The difference between the three above and Murphy can run as much as $.20/ gallon for diesel
I see rationing of petroleum products and electricity within the next five years. It’s for the Erf, doncha know.
And the rest of the world just loves Biden?? You STUPID Demonrats have destroyed our country.
Since I did not mention diesel, I assume you want to compare apples to oranges. Or maybe you are comparing Bio-diesel vs diesel?
All I know is Love's nationwide has, in my opinion pretty fair pricing. Every time I make the attempt to use a ‘cheaper spread’, the old Dodge loses 3-5 miles per gallon. My guess is the cheaper gasoline has lower BTU in it's blend.
“And the rest of the world just loves Biden?? You STUPID Demonrats have destroyed our country.”
Boy Howdy!!
That statement took some real convoluted ‘logic’.
Are you seeking a federal judgeship?
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In my interstate travels on a fairly regular basis, I use diesel. As far as I know I don’t use biodiesel any more. My Sprinter diesel engine will allow biodiesel up to 5%.
The only place where I purchased bio diesel years ago was at Pilot. I kept a close eye on the milage and could determine no adverse effect on milage. I was more concerned with the manufacturers requirements.
For several years now, the prices at Pilot have been significantly more expensive. For reasons I don’t really know, I have never used the Love stops.
and then there's diesel fuel... but don't worry, J. Powel and the Federal Reserve are working on fixing inflation by raising interest rates and letting the dollar fade away into the sunset. Flooding the World market with American oil would only bring an end to all of this too soon to make big money off of it.
Why?
Because they got their promotions by being 'born with the right 'daddy', being a sexual weirdo, and/or being 'of color with a great story'... (MSNBC hosts?)
ALSO...
51 'intelligence thugs' signed a letter saying draining the Strategic Petroleum Reserve doesn't matter.
“...working on fixing inflation by raising interest rates...”
Increasing the price of crude is going to cause inflation to be more persistent. Higher energy costs will increase producer prices for everything that has to be “delivered.”
The Fed must hike their rates higher than the producer price index in order to tame inflation. But, these higher rates will put more stress on these smaller regional banks—their assets will continue to degrade.
Biden has put the economy in a box. It’s a box that we cannot get out of without significant damage. And he literally did it by himself, with a pen.
Joe did that.
Bringing back the 70’s
And increase prices for everything manufactured by factories that don't run on pixie dust.
Yes. I was awkwardly trying to distinguish between manufacturing and service. Not enough coffee in the brain I guess. Ha ha.
Maybe a partial answer to the inflation problem would be to change how the president & the administration is paid. For every percentage point of inflation above normal, their pay is decreased by the same amount. Better them than us & besides it would ease up funds for things that really need an increase.
That picture makes me want to grab that cone & slam it into his face.
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