Posted on 09/19/2023 9:25:37 AM PDT by ConservativeInPA
Saudi output cuts and record demand have pushed crude prices 26% higher this quarter
An almost uninterrupted rise in oil prices has pushed benchmark Brent crude close to $100 a barrel, posing a new challenge for central banks in their battle against inflation.
The rise is a victory for Saudi Arabia, which sought to bolster prices to fund a planned transformation of its oil-dependent economy. Russia, which depends on energy income to finance its war on Ukraine and joined Riyadh in slashing supplies, is another winner. The two countries sparked the rally early this month when they said they would restrict supplies until the end of the year.
(Excerpt) Read more at wsj.com ...
Oil prices going higher? Not to worry - Janet Yellen is on it; She’s watching the markets with an eagle eye!
It’s OK. We’ll just tap into that Strategic Petroleum Reserve. That’s around here somewhere ... right?
I am sure glad biden refilled our oil reserves while prices were low.
It isn’t a “Challenge”, it is a goal.
The challenge for them is how to get it that high without having their filthy rat-claws ripped from the levers of power before they can accomplish it.
You thought Janet Yellen was just another pretty face? Ha!
The Democrats see high oil prices as helping sell EV’s. They love it!
Those in charge are suicidal.
I remember all the MSM stupidity and propaganda when Yellen was pushing this plan. Haven't heard a peep about it since. I was wondering how it worked out. US Fed.gov woke central-planners and neocons get humiliated. Again. LOL.
Stewarding the “energy transition” does not matter what or who will die in the path of their bloody progress.
$100 oil has only a transitory effect on inflation. Even oil inflation.
If you go to $100 and stay there, that is only one month of oil inflation. A big jump, but the next month it may have 0 jump. Inflation is a measure of rate of change. If the change stops, even at a high level, inflation can be reported 0.
Now, on the other hand, 6% inflation would be far above the Fed’s 2% target, and you can get 6% of oil inflation with just a $0.50 increase in price per barrel per month. That’s pretty modest, but at the end of the year, oil would be $106 for a 6% increase.
Nope, not suicidal, they’re homicidal. This fake climate change crap and scrapping “fossil” fuels won’t hurt them in the least, its us great unwashed that will starve and die from their anti-american policies
And just like that the cost of goods and food just went up. AGAIN!
I been telling you guys.
View all things through the prism of oil and the world becomes much more clear.
Russia’s oil will run out last. EVs are never going to plow fields before planting or harvesting season is done. Oil is everything and theirs will run out last. Too much surface area for it to be otherwise.
Wrong enemy to declare. We will have to beg for their oil someday and why should they say yes, at any price?
Not to worry Energy Secretary Granholm’s staff is blocking EV chargers with GSA gas cars so she can make a 4 hour trip in her EV to do her part to save the planet....evil people.
Oil prices going higher? Not to worry. Biden will close off more federal land to energy exploration and production.
Joe Biden, on the campaign trail in 2008.
These people do tell you what they are! You just need to have two eats and a memory.
There is no energy transition. Energy is a fungible commodity. The least expensive and most productive source will always dominate world energy production and consumption.
Yes - I thought we would see it by CHristmas, now it looks like by Halloween. This is about Saudi crushing Biden re-election in cooperation with Russia, keeping 1.3 MMBO per day off the market in the face of rising demand.
This right there!!!!!!!!!
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