Posted on 09/14/2023 1:00:54 PM PDT by ChicagoConservative27
U.S. oil prices reached $90 a barrel Thursday for the first time in nearly a year, with the spike coming shortly after Saudi Arabia announced extended production cuts.
West Texas Intermediate crude prices hit $90.25 Thursday, surpassing $90 for the first time since last November.
The report comes just more than a week after Saudi Arabia announced that the supply cuts of 1 million barrels will be extended through the remainder of 2023, with the state-run Saudi Press Agency saying the cuts would be reviewed monthly with the possibility of increases or decreases. Another oil price measure, international benchmark Brent crude, closed at $90 a barrel for the first time this year following the announcement. Brent crude hit $93 a barrel Thursday afternoon, the highest price in 10 months.
(Excerpt) Read more at thehill.com ...
The Disastrous Joe Biden Administration continues apace
Let’s Go, Brandon!
He just said minutes ago in his Bidenomics speech that he is working on getting gas prices down.
These people know that when Trump gets back in the free ride is over. American domestic energy production will be turned up full throttle and dependence on them will take a nose dive. As long as the cheat can be defeated.
At least that's what I think.
I wanted to find out why this was happening as we ARE drilling as much as in 2019’s peak. This is what I came up with :
I was doing a little research on oil prices and production-—the media will spin it as “Biden is pumping more oil than Trump”. Yes and no—2019 peaked with 13 million BBls per day. 2021 dropped to 10.1 and 2022 was 11.4 and now it’s around 12.7. But I believe this is what’s causing price increases. Mostly from red tape and leftist rhetoric.
1-—Biden has red tape on leases and it’s more expensive to drill on the available leases.
2-—Constant pressure on refineries has caused them to close down or cut production.
3-—Banks tightening money lending to oil companies and refineries creates more risk, higher costs, etc.
4-—Of course, he pissed off the Saudis, so there’s that as well.
5-—Printing of money at the center of it all.
6-—Trucking regulations, fines, hours, red tape.
Let me guess, he’ll empty the strategic oil reserve and send Blinkin around the globe with his little red plastic gas can.
They’re celebrating in Lubbock…lol.
LOL 😂
All the while Manchurian Candidate Barack Hussein Obama’s Third Term continues to sabotage along the way.
Begging the Iranians and Venezuelans for oil. Sinking America to a new low. What a disgraceful lot these people are.
My local gas price jumped 50 cents from last week to this week. 3.69 to 4.19
Higher oil prices leads to higher food prices as farmers use oil to grow food and truckers need oil to transport food.
Wow ... 3.28 here
“ss, he’ll empty the strategic oil reserve and send Blinkin around the globe with his little red plastic gas can.’
It’s already empty.
Lubbock is not an oil town, particularly.
Midland/Odessa, in contrast, people are popping corks, left and right.
All that said, $90 oil today is $70 oil of yesterday, due to devaluation of the dollar. It’s really not outrageous at all. It’s about the right price for healthy domestic USA development.
I know no one likes to heat that, but it’s true.
Oil and gas development is very expensive, dangerous, and financially risky. It needs to turn a healthy profit or it doesn’t happen.
It’s already empty.
*****************
Damn.
How about more sanctions on oil producers over the Russia-Ukraine Brouhaha?
“That should get us out of the mess.”(sarcasm)
How about denying more domestic drilling?
“That should get us out of this mess.”(sarcasm)
Next up: price controls
Good thing we have the SPR in case things the world situation gets really tricky!
Oh wait. Never mind.
he sold all that to china already.
Indeed we seen how that failed before Biden’s just the fool to try it.
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