Oil has come down $35 from it's high. Does Joe Biden get credit for that?

[Rambunctious]

I hate it when the price of gas lags behind the price of gas.

Me too....

 

[Toro]

Oil is coming down because investors fear a recession.

 

[g5000]

Here's a little memory refresher for the tards:

Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing​

​

Demand for oil is collapsing, and despite a deal by Saudi Arabia, Russia and other nations to cut production, the world is running out of places to put all the oil the industry keeps pumping out — about 100 million barrels a day. At the start of the year, oil sold for over $60 a barrel but by Friday it hit about $20.

Prices went negative — meaning that anyone trying to sell a barrel would have to pay a buyer $30 — in part because of the way oil is traded. Futures contracts that require buyers to take possession of oil in May are expiring on Tuesday, and nobody wanted the oil because there was no place to store it. Contracts for June delivery were still trading for about $22 a barrel, down 16 percent for the day.

 

[whitehall]

Remnants of Biden supporters seem to grasp at anything these days while democrats in swing states are walking away from the administration and the DOW is down about 500 and hovering around 29,000.

 

[g5000]

Oil is coming down because investors fear a recession.

 

[g5000]

Remnants of Biden supporters seem to grasp at anything these days while democrats in swing states are walking away from the administration and the DOW is down about 500 and hovering around 29,000.

Let me know when it hits 17,000 like it did on Trump's watch.

 

[pknopp]

Oil is coming down because investors fear a recession.

What did the markets expect to happen when they ran the prices up? This is kinda a self fulfilling prophesy is it not?

 

[Papageorgio]

I will be shocked if we ever get back under 3 dollars again as a national average.

I believe you are right, I’m thinking $3.25-$3.50 will be the new normal.

 

[g5000]

I remember when gas went to $4.00 under Bush and people said this same thing. National Average? California will do it's best to keep the price high but I'll bet it's below $3 in a large part of the country before too long.

It's funny that oil went to its highest price ever under Bush. $145. And yet gas prices didn't go as high as they are now.

 

[g5000]

The last person who wants oil to go down is Putin. Oil is funding his invasion of Ukraine.

The lower oil goes, the better.

 

[pknopp]

It's funny that oil went to its highest price ever under Bush. $145. And yet gas prices didn't go as high as they are now.

Things like wages are higher now so some of that would be understandable but the bigger issue is just like when it went to $145 there was no actual shortages. Need was met then and it has been now. Those who used oil could get it. Those who simply bid on oil, ran it up just like before.

OPEC called it "irrational exuberance" I call it greed because the "free" money was cut off.

 

[bendog]

Things like wages are higher now so some of that would be understandable but the bigger issue is just like when it went to $145 there was no actual shortages. Need was met then and it has been now. Those who used oil could get it. Those who simply bid on oil, ran it up just like before.

OPEC called it "irrational exuberance" I call it greed because the "free" money was cut off.

I'm not sure all those in what we used to call the 3rd World could access oil, or enough to meet demand

 

[pknopp]

I'm not sure all those in what we used to call the 3rd World could access oil, or enough to meet demand

Which is pretty typical in a third world country at any time.

 

[KissMy]

Gas continues to drop 7/14/2022

 

[pknopp]

Gas continues to drop 7/14/2022
View attachment 670167

That's crazy when it's still $4.75-$4.99 here. But as we were told, no one is making money off gas prices.

 

[bendog]

Which is pretty typical in a third world country at any time.

true, but I'm still not sure that price simply didn't continue going up, up, up until western europe and n. america were the winning bids. Of course RUssia and I think Iran will sell at discounts

 

[Bootney Lee Farnsworth]

You are an idiot.

Demand has not fallen. Supply has increased.

World Crude Oil Production Monthly Trends: International Energy Statistics | YCharts

In depth view into World Crude Oil Production including historical data from 1973 to 2024, charts and stats.

ycharts.com

Because the strategic reserves are being depleted.



I have repeatedly told you ALL that killing Keystone XL was a huge mistake.

 

[Papageorgio]

Gas continues to drop 7/14/2022
View attachment 670167

I'd take those prices, we are at $4.94-$5.05.

 

[pknopp]

true, but I'm still not sure that price simply didn't continue going up, up, up until western europe and n. america were the winning bids. Of course RUssia and I think Iran will sell at discounts

My point is those "winning" bids were drove up by people with no intention of ever taking ownership of that oil.

 

[Indeependent]

Did you sleep through 2020?

Did you ever wake up?
The supply chains eventually recovered under Trump through the beginning of Biden’s term.