Posted on 10/09/2023 6:42:12 AM PDT by Presbyterian Reporter
Global benchmark Brent crude futures soared to $87.20 per barrel on Monday morning, while West Texas Intermediate futures in the United States landed on $85.7 per barrel, having initially passed $86. This represents an increase in oil prices of over 3.1 percent globally and over 3.5 percent domestically, as the markets react to Israel declaring war over the weekend in response to an armed incursion from Gaza.
The United States is particularly exposed to the price surge. President Joe Biden drained much of the nation’s Strategic Petroleum Reserve last year in an effort to hold down the price of gas, after the Organization of Petroleum Exporting Countries (OPEC) openly snubbed him and cut production despite his begging them no to do so.
Worse still, in August, the Biden regime delayed plans to restock the reserve, hoping prices would fall. U.S.-led efforts to embargo or cap the price of Russian oil in order to starve Moscow of revenue, which have proved unsuccessful, have also left America and its allies more exposed to price shocks caused by events in the Middle East.
Anti-energy independence policies such as the cancellation of the Keystone XL pipeline and pauses on gas and oil leases, too, have undermined national resilience. Analysts believe the current spike in prices may just be a “knee-jerk” response to the attack on Israel, and markets can recover – but this could change if Iran is drawn into the conflict, disrupting oil shipments through the Strait of Hormuz.
He not only drained it - but when prices fell significantly - he canceled contracts to refill those reserves.
Again - proving Biden is a traitor.
He and his cohorts don’t want to win any of them.
$150.00 barrel oil coming soon.
Enjoy the suck, America.
Don’t for get China-Taiwan...................
Ammunition is low.
CC debt at an all time high.
Savings near all time low.
CRE is in deep trouble.
Inflation is high.
Wages are flat.
Crime and drug use are high.
Military recruitment is failing.
Yep, time to pimp WWIII…
Exactly why should this war in a small area there make any difference on oil prices? Do we get all our oil from Israel? From the Gaza strip? Are pipelines being blocked? Or is it just an opportunity and excuse to jack up prices?
Biden’s energy policy has caused prices to spike and allowed Iran to make an extra 60 billion to fund the war against Israel.
The ruling class profiteering, but also part of total economic war against working class and middle class.
But they are not fighting numbers 3 or 4. So...
No worries all is well till the Credit runs out..and that is just around the corner. I was at a auction last week and lots of newer boats and campers/RV’s 4 wheelers/side by sides up for auction..But most has Reserve bids which could mean they owe bank notes and need payoffs..a few sold but most did not.
Meanwhile, the Germans have stopped sending money to the Palestines now that the terrorists were fully armed.
“””Germany Suspends Aid to Palestine as Berlin Launches Review of All Humanitarian Support Payments”””
Were you alive in the 1970s? Remember what happened when the Arab Oil Machine embargoed oil sales?
The US Strategic Petroleum Reserve was created to prevent that “oil weapon” from being used against the US again. Biden running it down to almost empty makes the World’s economy dependent on the Arab Oil tap being kept wide open
Guess which side the Arab Oil states came out in support of yesterday?
“””Exactly why should this war in a small area there make any difference on oil prices? Do we get all our oil from Israel? From the Gaza strip? Are pipelines being blocked? Or is it just an opportunity and excuse to jack up prices?””””
Oil like money is very fungible. When there are major conflicts in any part of the world, people react in their own self interest.
At this point nobody knows if the Hamas terrorist attacks against Israel will spread to other parts of the middle east where a whole lot of oil is produced.
And given that Biden has sold off the US Strategic Petroleum
Reserve in his own self interest of trying to keep oil prices down, the fear of an oil shortage becomes greaterr.
I hope this helps you.
“Yep, time to pimp WWIII…”
Tell me about it. That’s always been one of my primary complaints about the Ukraine War - which is that if you really feel a need to ignite a war with a superpower, you should do at least a LITTLE PREPARATION at the home front. Instead it seems that the bunch in charge of destroying our economy had NO COORDINATION with the bunch in charge of starting World War 3.
I just don’t understand why they couldn’t work together.
Out on the West Coast gas is $7 a gallon..soon to be $10 a gallon..$300 to fill a tank..Soon to get real interesting .
“Out on the West Coast gas is $7 a gallon..soon to be $10 a gallon..$300 to fill a tank..Soon to get real interesting.”
***********
But California will keep voting for the same people and policies that are hurting them.
Is an auction all repos?
“””But they are not fighting numbers 3 or 4. So...”””
I agree that Biden is not fighting the Invasion on the Southern Border of the USA.
To the contrary Biden is aiding and abetting the invasion on the Southern Border of the USA.
The same thing re oil. I agree Biden is not fighting the rise of oil prices by supporting increased production in the USA.
To the contrary Biden is doing all he can to stop oil production in the USA and to make us even more vulnerable, Biden has sold off more than 2/3’s of the Strategic Petroleum Reserve.
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