Oil prices hit 9-month high amid supply concerns

Just the News ^ | 9/10/23 | Madeleine Hubbard

[CFW]

Oil prices reached a nine-month high amid concerns about tight oil supplies after Russia and Saudi Arabia extended supply cuts.

Brent futures, a global benchmark to measure oil prices, rose to $91.01 a barrel on Friday, according to MarketWatch, and sits at $90.44 a barrel as of Sunday morning.

Prices had already surged last week after Riyadh and Moscow agreed to extend supply cuts beyond October. The U.S. banned Russian oil imports last year, but Russia and Saudi Arabia respectively produced 11% and 12% of the world's oil last year, according to the Energy Department, so any changes in production are likely to affect global oil prices.

Americans are already seeing rising prices at the pump. The current average national price for a gallon of regular gasoline sits at $3.83 as of Sunday morning, according to AAA. That is slightly higher than a week ago when prices were $3.81 a gallon.

[CFW]

https://www.cnn.com/2023/09/06/politics/drilling-alaska-national-wildlife-refuge/index.html

"Biden administration cancels years-long attempt to drill in Alaska National Wildlife Refuge"

https://thepostmillennial.com/truckers-warn-of-potential-supply-chain-problems-due-to-biden-epas-latest-electric-vehicle-regulations

"Truckers warn of potential supply chain problems due to Biden EPA’s latest electric vehicle regulations""

Between Biden's war on gas and oil and his EPA's electric vehicle regulations, exactly how do they expect products to move through our nation?

Also, can you say "INFLATION"? (More and again?)

"Rising Oil Prices Might Be What Tips US Into Recession"

https://www.zerohedge.com/markets/rising-oil-prices-might-be-what-tips-us-recession

[DoughtyOne]

Don’t look now Joe, but inflation is going to rear its
ugly head any day now.

Obamanomics is sure paying off. /s

[Jane Long]

BTTT all of your points/links.

[riverrunner]

Thank you joe.

Gas is 4.09 a gallon here

[kabar]

Too late to affect SS COLA appreciably. July, August, and September are the months used to compute cost of living rate.

[adorno]

Don’t look now Joe, but inflation is going to rear its ugly head any day now.

Look again, and you'll notice that inflation is still with us. The inflation rate may have come down, but the inflated prices of goods and services did not come down. In fact, those inflated prices are going up even more, and we are now paying (on average) more than 20% for everything, than before Biden took office. So, inflation never lowered its ugly head.

[existentially_kuffer]

Nicely timed in Biden’s reelection year? What a mess!

[Rusty0604]

Thanks!

[bert]

So, Saudi Arabia is helping Donald Trump by keeping gas prices high
to the detriment of adverse American public opinion to all things Biden and Democrat

The Abrams accord nations know that Biden has tried to destroy the coming together of Arabs and Israel implemented by President Trump. These nations are reacting by destroying Biden with high gas prices and uncontrollable inflation

The Biden administration had only one objective........ preserve the legacy of the Black President Barack Obama and his nuclear treaty with Iran

[Rusty0604]

The rate of inflation has gone down for headline inflation, but ot so much for food, energy and housing.

[ronnie raygun]

deliberate

[FlyingEagle]

And, Biden already sold most of the US strategic oil reserve from storage, to China.

Saudi and Russia know that $100 oil for the election season will crush Biden. That is why they continue to hold back 1.3 million barrels per day of production even at this high price.

It’s the economy.

[DoughtyOne]

Yeah, back East you guys don’t pay our rates. Luckily...

[GailA]

SS COLA AND MILITARY PAY RAISES DO NOT USE FUEL OR FOOD IN THEIR CALCULATIONS. PLEASE REMEMBER THAT SIMPLE FACTOR.

[DoughtyOne]

Yeah, that makes sense, as you explain it.

[DoughtyOne]

It is still with us, and as it rises, it isn’t going to be
rising from where Biden took over. It’s going to be rising
from the mid upper area it climbed to last time.

It will get ugly. Housing loans and credit card interest
rates are going to really hurt the middle class.

[DoughtyOne]

Yes, but the media will still claim Bidenomics was the best
way to fix the nation after Trump destroyed it. As if!

[DoughtyOne]

I think so also. Good call...

[kabar]

But increased energy costs raise the costs of everything else.

[kabar]

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is an index of the cost of a basket of market goods for primarily blue-collar wage workers.

The CPI-W is calculated using average costs for more than 200 goods such as food, beverages, housing, transportation, and other common household goods.

The CPI-W is usually given as a percentage to express the average change in the cost of household goods from one year to the next.

The CPI-W is used to calculate cost-of-living adjustments (COLAs) for government programs such as Social Security benefits.

The CPI-W is a subset of the Consumer Price Index for All Urban Consumers, or CPI-U.

Understanding the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W)

The Consumer Price Index is a measure of the change over time that wage earners and clerical workers pay for a “basket of goods,” of common expenses. These cover more than 200 common consumer products, which are arranged into eight groups:

Food and beverages
Housing
Apparel
Transportation
Medical care
Recreation
Education and communication
Other goods and services

The Bureau of Labor Statistics (BLS) calculates the average cost that consumers pay for these goods annually, then uses those averages to track changes from year to year. These changes are expressed as a percentage that shows the change in the day-to-day cost of living. A steep increase usually indicates a period of inflation; a steep decrease usually indicates a period of deflation.