Oil down again proving oil prices don't always go up

2lion70

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  • Oil prices fell Tuesday as Wall Street weighed recession worries and a stronger dollar.
  • West Texas Intermediate crude sank 8.6% to $99.12 a barrel, and Brent crude tumbled 9% to $103.17.
  • The plunge came as Citibank said Tuesday that oil could dip as low as $65 on weak demand.
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'Too big to sanction'? 10 key facts about Russia's oil and commodity exports

  • Sanctions on Russia are intensifying, sending the price of its key commodity exports through the roof.
  • Russia is the world's third-biggest oil producer and the top exporter of nickel, as well as a major coal producer.
  • The US and its European allies are considering a ban on its vast oil and gas sector.
Russia is a big player in the world's commodity markets. It is one of the world's largest exporters of some of the most vital raw materials, from wheat and grains, to oil, natural gas and coal, to gold and other precious metals.
The country's invasion of Ukraine led to a barrage of unprecedented sanctions aimed at isolating Moscow and choking off its access to international financial markets.
While sanctions have not directly targeted Russia's energy exports yet, the US said on Sunday it and its European allies are considering a ban on its imports of its oil. Russia is the world's third-largest producer of oil and one of the biggest producers of gas. A ban would send its customers scrambling for any kind of alternative at any price.
Just the potential for some kind of ban saw Brent crude futures surge to over $130 a barrel Monday, their highest since mid-2008.
But it's not that simple. Russia isn't just dominant in the oil trade. It's one of the biggest producers of wheat and coal. And some experts believe Western leaders will stop short of outright embargoes, given their economies could be too badly damaged by the ensuing price rises as a result.
"Russia is too big to sanction," Fereidun Fesharaki, chairman at energy consultancy company FGE, told Bloomberg last week.
"The global market cannot survive without Russian oil, and certainly Europe cannot survive without Russian gas."

Here are 10 key facts about Russia's energy and commodity exports:​

Read the original article on Business Insider


Oil fell sharply Tuesday as recession fears reverberated throughout Wall Street and the US dollar rallied.
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West Texas Intermediate crude sank 8.6% to $99.12 a barrel, dipping below $100 a barrel for the first time since April. Brent crude tumbled 9% to $103.17.
 

RB-Old

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Yeah, gas is only $4.59 a gallon. What a steal.

If you voted for Biden, you are an idiot.
It's well over $5.00 in Germany, England, Belgium and the rest of Europe. What I can't figure out is why the people there voted for Biden too (you know, because POTUS controls gas prices).
 
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BicyclePete

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It's well over $5.00 in Germany, England, Belgium and the rest of Europe. What I can't figure out is why the people there voted for Biden too (you know, because POTUS controls gas prices).
Ok, so I'm guessing you voted for Biden.

Do you remember when gas was over $5/gallon in Europe and it was $2/gall in the US?

What changed except the democrat administration?
 

RB-Old

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So by asking to have production cut it would have led to lower prices? So less supply = less demand?
Shame they didn’t listen to the former POTUS because if they had their prices would be low. So yes, POTUS can influence prices.
 
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junior1

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So by asking to have production cut it would have led to lower prices? So less supply = less demand?

The one question not asked yet in this thread….why are oil prices down? Did supply increase ? Did demand go down? Companies are just reducing prices because Biden said to?
 

Hotshoe

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Over 60% of all gas stations are owned by small businesses. They make no money on gas. They actually lose money. Biden has zero clue what he's talking about. In other words, like the fool he is, he blatantly lied and once again, attacked small business.
 

Hotshoe

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Saudi Arabia has 20 cities over 100k. The U.S. has over 300.
 

Hotshoe

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Land mass. The U.S. has 3.797 million mi2. Saudi Arabia has 830,000mi2.
 

dbbp

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Pennsylvania
USA last built a refinery in 1977. We have plenty of oil we don’t extract, but of course we do this to are self. I get that the Saudis own it’s oil refinery’s. Sorry wasn’t trying to compare the two country’s.
 
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The Spin Meister

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An altered state
Last edited:

CoastGuard2018

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Over 60% of all gas stations are owned by small businesses. They make no money on gas. They actually lose money. Biden has zero clue what he's talking about. In other words, like the fool he is, he blatantly lied and once again, attacked small business.
Sounds like a 47 year career politician who enriched himself and his family living off the tax payer and foreign and domestic lobbyists.
 

interrobang

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Wasn't that long ago Biden said "screw gas prices, we need to move to electric cars"

Now suddenly he can do both? Internal polling must be much worse than public polling

 
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2lion70

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Ok, so I'm guessing you voted for Biden.

Do you remember when gas was over $5/gallon in Europe and it was $2/gall in the US?

What changed except the democrat administration?
Oil prices dropped when the COVID pandemic put the brakes on the worldwide economy. WTI went so low that producers went bankrupt and were paying to have their oil stored. Now we have a huge uptick in demand in a recovery - oil prices up. Then we have a recession looming with worldwide implication - viola oil prices drop.
Now we have projections of $85 per barrel by the end of July with a lot of year end WTI at $65/barrel.
Too many people want to make economic fluctuations political without ever saying what they would do to correct what they bitch about.
 

2lion70

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Yeah, gas is only $4.59 a gallon. What a steal.

If you voted for Biden, you are an idiot.
Another prime example of the 'bumper sticker' mentality of a con/repub. No thought, just insults with no support.
 

psuted

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It's well over $5.00 in Germany, England, Belgium and the rest of Europe. What I can't figure out is why the people there voted for Biden too (you know, because POTUS controls gas prices).

The Europeans tied their future to Green Energy and dependence on Russian oil. So, I’m actually surprised that they’re not paying more.

All that said, the ungodly price of gas and energy in this country and to a lesser extent in Europe, is clearly the direct fault of extreme Biden and Democrat wacko policies. I know it, you should know it if you weren’t so damn intellectually dishonest, and most voters know it.
 
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The Spin Meister

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An altered state
Oil prices dropped when the COVID pandemic put the brakes on the worldwide economy. WTI went so low that producers went bankrupt and were paying to have their oil stored. Now we have a huge uptick in demand in a recovery - oil prices up. Then we have a recession looming with worldwide implication - viola oil prices drop.
Now we have projections of $85 per barrel by the end of July with a lot of year end WTI at $65/barrel.
Too many people want to make economic fluctuations political without ever saying what they would do to correct what they bitch about.
So tell me again why companies should spend billions of dollars.....that take six months to a couple years to earn any returns .........expanding production. Add in the fact they can’t get new pipelines approved, build new refineries, even get leases on quality lands. Do all that just to see prices collapse again.
 

SR108

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Jan 13, 2004
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Ga
Oil prices dropped when the COVID pandemic put the brakes on the worldwide economy. WTI went so low that producers went bankrupt and were paying to have their oil stored. Now we have a huge uptick in demand in a recovery - oil prices up. Then we have a recession looming with worldwide implication - viola oil prices drop.
Now we have projections of $85 per barrel by the end of July with a lot of year end WTI at $65/barrel.
Too many people want to make economic fluctuations political without ever saying what they would do to correct what they bitch about.
s prices
Oil prices dropped when the COVID pandemic put the brakes on the worldwide economy. WTI went so low that producers went bankrupt and were paying to have their oil stored. Now we have a huge uptick in demand in a recovery - oil prices up. Then we have a recession looming with worldwide implication - viola oil prices drop.
Now we have projections of $85 per barrel by the end of July with a lot of year end WTI at $65/barrel.
Too many people want to make economic fluctuations political without ever saying what they would do to correct what they bitch about.
Gas was on average $2.438 in February of 2020. I will take that all day long. Yes it went lower during the “pandemic “, but $2.438 is a far cry from what it is now and what it was right before “Putin’s War”.