Dislikes: 0
Guess who sets the prices on a barrel of oilOriginally Posted by slimslob
Nope not President Biden
Free Market
I know mindblown
You have very selective memory.
Right after the ex President left office, COVID was devastating the US and global economy due to shut downs and people not travelling.
This caused a large drop in demand for transportation fuels of all types and fuel prices went way down. To compensate refineries cut way back on production and oil tankers were making many fewer trips to North America bringing in raw crude. There were actually tanker ships floating all over the ocean with no where to go to unload their cargo because no one would take it. US pump prices were at record lows.
Only in the last year has the economy opened up and demand for fuel has risen far faster than refiners expectations.
Russia imported a special type of heavy crude that US refineries are designed for. With this supply now taken out of the supply side, prices will rise even higher.
Last edited by SalesServiceGuy; 03-10-2022 at 12:00 AM.
Oil drops 12% for worst day since November as wild ride triggered by Russia disruption continues
Oil prices dropped in a sudden move on Wednesday, giving back some of the rally this month amid supply disruptions stemming from Russia’s invasion of Ukraine.
WTI crude oil tumbled more than 12%, or $15, to settle at $108.7 per barrel, registering its worst day since Nov. 26. Earlier this week, WTI topped $130 per barrel briefly — a 13-year high — during escalated geopolitical tensions.
Brent crude oil, the international benchmark, fell a similar 13%, or $16.8 to $111.1, for its biggest one-day drop since April 2020. Brent has just hit $139 on Monday, its highest since 2008.
The move in oil lower came amid indications of possible progress by the U.S. in encouraging more oil production from other sources. Reuters reported that Iraq said it could increase output if OPEC+ asks. Secretary of State Antony Blinken also signaled that UAE would support increased production by OPEC+.
“That $130 price point was factoring in the absolute siege mentality in the oil market, where we were staring down potentially losing all Russian output, OPEC not budging and the Ukraine situation just worsening,” John Kilduff of Again Capital said on CNBC’s “The Exchange.” “Now we’ve reversed all of that, seemingly, to a degree at least. I don’t want to get ahead of myself.”
Last week, the International Energy Agency released 60 million barrels of oil reserves to compensate for supply disruptions following Russia’s invasion, and the agency called the move “an initial response” and said more could be released if needed.
Still, oil prices have surged this month with WTI crude oil up roughly 15% as Russia, the world’s second-largest crude exporter, invaded Ukraine.
“The world is working together to tackle surging oil prices and that has put a short-term top for crude,” Ed Moya, senior market analyst at Oanda, said in a note.
The United Kingdom announced its own restrictions on buying Russian oil imports, saying it will phase out the country’s imports by the end of the year. The European Union also unveiled a plan to wean itself off of Russian fossil fuels.
Exactly. But SleepyJoe will tell the lie... it's all he's got.
Sent from my SM-G960U using Tapatalk
His comment about pumping more than Trump in his first year is true.... but that was short lived.
When was the USA an Exporter of crude.. gas.. coal?
Coal for a while.
Liquid Gas.. crude?
Sent from my SM-G960U using Tapatalk
Quantity is what the topic is about not price.Guess who sets the prices on a barrel of oil
Nope not President Biden
Free Market
I know mindblown
Sent from my SM-G960U using Tapatalk
... it is all you got!
Thanks: 
Likes: 
Reply With Quote
Bookmarks