Posted on 09/12/2023 12:11:58 PM PDT by Diana in Wisconsin
Global oil prices climbed above $92 a barrel on Tuesday for the first time in nearly 10 months as the energy market braces for supply disruptions caused by catastrophic flooding in Libya.
At least 2,000 people have died and 10,000 are believed missing following the deadly flooding that broke dams and swept away countless homes there.
Brent crude, the world benchmark, jumped nearly 2% to an intraday high of $92.38 a barrel. That’s the highest price since November 17, 2022. US oil prices popped 2.3% to as much as $89.29 a barrel, also the highest level since November.
The latest rally for oil prices will continue to push up prices at the pump for consumers and add to inflation across the US economy.
Analysts blamed the price surge on the deadly flooding in Libya, which will temporarily disrupt oil exports from that OPEC nation. It produced about 1 million barrels of oil per day in August, according to OPEC.
“Libya has a number of ports that are not able to export,” said Matt Smith, lead oil analyst for the Americas at Kpler. “It’s one more thing adding to the bullish side of the ledger for crude.”
The Libyan flooding comes just a week after Russia and Saudi Arabia sent oil prices climbing by announcing plans to extend their aggressive supply cuts.
Gasoline prices, which lag oil prices, have edged higher this week as a result of that announcement.
The national average for regular gasoline hit $3.84 a gallon on Tuesday, up from $3.81 a week ago, according to AAA. Gas prices are now 12 cents higher than at the same point last year.
(Excerpt) Read more at channel3000.com ...
The US Energy Information Administration, an arm of the Energy Department, said Tuesday it expects retail gasoline prices will average $3.69 a gallon during the fourth quarter of this year. That’s up from $3.57 previously.
The EIA also raised its forecast for diesel and oil prices for the fourth quarter of this year and first quarter of next year.
Great, heating homes will go up 25% this year...Bidenomics sure is great.
CNN twist and distort to shift any and all blame away from Traitor Joe.
Oil and gas prices up 80-90% since Resident Retard infested the White House, but at 10-month high because of yesterday’s flood in Libya... yeah, right.
Exactly.
Either way, hunker down. Hard(er) times ahead.
Let’s Go, Brandon! *SPIT*
Death toll soars to 11,300 in flooding in Libya's coastal city of Derna, Libyan Red Crescent says (Sep 14, 2023)
The Libyan Red Crescent said Thursday that 11,300 people have been killed, and a further 10,100 are reported missing.
Thanks for the update. Surreal. :(
Yes. the worst of the disaster is in that relatively small strip. Hard to imagine such damage.
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