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Posted on 07/31/2024 1:56:03 PM PDT by ChicagoConservative27
The price of crude oil increased Wednesday as concerns worsen over a new conflict in the Middle East after an apparent Israeli air strike killed the leader of Hamas inside Iran.
West Texas crude jumped in price Wednesday by more than $3 per barrel to about $78, a more than 4 percent increase.
Hamas leader Ismail Haniyeh was killed in the early hours of Wednesday inside a home in Tehran after he attended the inauguration of Iran’s new president. Israel has not taken responsibility for the strike, though the country’s military vowed to eliminate Hamas and its leaders in the months following the Oct. 7 attack that sparked the ongoing war in the region.
The strike has raised worries that Iran could move into more serious conflict with Israel. A similar Israeli strike on a Hamas leader in Beirut earlier Tuesday also worsened tensions with Hezbollah in the region
(Excerpt) Read more at thehill.com ...
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Drill baby drill.
BTT
Any excuse of potential war causes gas pump prices to go up fast.
When supplies are abundant and war simmers down, they say “But lower prices will not show up at your gas pump for several months because oil has to be refined and transported.”
It’ll go up today, if it hasn’t already, watch for groceries to increase too.
$78 is better than over $100
“lower prices will not show up at your gas pump for several months”
Prices are set by product bought months before it reaches the market. Futures, in other words. But the people holding those futures can jack or lower prices today if they worry they didn’t do a good job of projecting future price movements. Prices can decline when and if they realize their futures were bought at a good level. That’s due to price competition. But from a distance consumers don’t see all that going on and come up with fairy tales to explain price movement.
Poor Communists have no idea how supply and demand works.
I remember oil being 78 before and diesel was 80 cents a litre, now it’s 1.70 a litre. This is beyond screwed up. Pales in comparison to other problems, but I don’t know how anyone is driving anymore.
Why is it that ALL the gas stations in my area ALL raise the price within a couple of hours of each other. SMH
Because they all buy from the same buyer and price as cost plus some cents. Delivery truck delivers on a route and all local stores go up on delivery which is tied to a local route.
Wholesale goes up, retail goes up. It’s not a conspiracy.
Yes, I used to own convenience stores.
You know much more than I.
I was amazed the gas prices weren’t already higher with all the Houthi strikes against various nations’ ships passing through the Red Sea or ships avoided the cheaper route by taking a huge detour:
News item:
From October 2023 to March 2024, the Houthis attacked more than 60 vessels in the Red Sea. To avoid attack, hundreds of commercial vessels have been rerouted to sail around South Africa.
Oil price was oversold anyways.
The U.S. needs to get independent of this kind of crap. We should be supplying ALL of our own petroleum & natural gas needs & supplying any extra if it is available ONLY to our friendlies.
Sure would be nice to be energy dominant again.
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