Oil prices are about to go up

T. A. Gardner

T. A. Gardner

Thread Killer
OPEC has just announced further production cuts in oil meaning the world price of crude is about to go up. Given Biden's totally fucked up energy policies, the US is going to see higher gas prices going into November and the elections. There is nothing Biden can do having already screwed US production, and drained our reserves to offset that happening.

Biden is going to see his poll numbers plummet yet again as people get pissed off at $4 to $5-a-gallon gasoline.

I guess Biden really doesn't have the street creds in foreign policy he claims. Instead, he's the world's punching bag of a joke when it comes to foreign relations.

www.tampafp.com

Oil Cartel Delivers Bad News For Biden Ahead Of US Elections

OPEC+ reached an internal agreement to prolong its oil production cuts, a move that could raise energy prices in the U.S. ahead of the pivotal 2024 elections,
www.tampafp.com www.tampafp.com

Going Green is going to cost Biden big time. Nobody but the radical left likes the greentard policies he's pushing.
 
There is no off switch on the Trumper bullshit machine...

Screenshot-20240603-135119-2.jpg




AAA Gas Prices

gasprices.aaa.com
 
Nomad said:
There is no off switch on the Trumper bullshit machine...

Screenshot-20240603-135119-2.jpg




AAA Gas Prices

gasprices.aaa.com
Click to expand...
Even your chart shows gas prices staying above $3.50 a gallon and rising into October. By then it's too late to get them to drop enough for people to notice and influence the election. Also, your source, and others, had no way to predict OPEC would announce cuts to production when they made that graph and predictions.
 
You fuckers are a couple of idiots.🖕🏼

Worse yet, you're actually gleeful over the possibility of gas prices going up just to damage Biden's election prospects.

U.S. crude oil falls more than 3% as OPEC+ plans to phase out voluntary production cuts

PUBLISHED MON, JUN 3 2024 8:57 AM EDTUPDATED 2 HOURS AGO

• ,Eight OPEC+ members led by Saudi Arabia and Russia said they would start phasing out 2.2 million barrels per day in production cuts beginning in October.

• Under the plan, more than 500,000 bpd would return to the market by December, and 1.8 million bpd would come back by June of 2025.

U.S. crude oil fell more than 3% on Monday as OPEC+ announced plans to phase out voluntary production cuts totaling 2.2 million barrels per day.

A coalition of eight OPEC+ members led by Saudi Arabia and Russia announced Sunday that they would begin phasing out those cuts over the course of 12 months starting in October

“Some people read the OPEC statement, particularly the part about the adding barrels back from the voluntary cut, as bearish,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.

“They were pretty clear that this is going to be data dependent,” Croft said. “As we get to the end of August, if the fundamental picture looks worse than what we have now, they would pause that addition.”

Under the plan, more than 500,000 bpd would return to the market by December, and 1.8 million bpd would come back by June of 2025.

Bob Yawger, a futures analyst at Mizuho, said the structure of the market is weakening. The OPEC+ announcement will make traders reluctant to buy oil for delivery later this year due to worries that prices will fall as supply returns to the market, he said.

“Who’s going to step in and buy the back of the curve now?” Yawger asked. “Nobody because they may add barrels back to the market. Nobody’s going to buy November; nobody’s going to buy December. That’s going to kill the December 2024 contract,” he said.

Andrew Lipow, president of Lipow Oil Associates, said the decision will limit upside for crude prices. The production that the countries plan to add to the market from October 2024 through September 2025 is equivalent to OPEC’s demand growth forecast of 2.2 million bpd for this year, Lipow said.

“In essence, the volume that they’re putting back on the market is equal to the optimistic demand growth forecasts that OPEC has put out for 2024,” Lipow said. “And the upshot is that they are adding sufficient supply to meet the growth that’s anticipated in the market.”

OPEC+ faces a conundrum where member states’ budgets are under pressure from low oil prices, but at the same time they have to worry about higher oil prices hurting demand and pushing crude prices even lower than they desire, Lipow said.

“They’re kind of stuck in a box,” Lipow said of the challenge the cartel faces. Though OPEC+ faces challenges, the group has managed to keep prices elevated by enacting some 6 million bpd of cuts since October 2022, Lipow said. Oil prices would be substantially lower, likely in $50s per barrel range, in the absence of those cuts, he said.

Yawger said the prospect of oil at $100 per barrel is not likely anymore unless a geopolitical crisis causes a “total disaster” situation in the Persian Gulf or Arabian Peninsula.

Loading…

www.cnbc.com
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T. A. Gardner said:
OPEC has just announced further production cuts in oil meaning the world price of crude is about to go up. Given Biden's totally fucked up energy policies, the US is going to see higher gas prices going into November and the elections. There is nothing Biden can do having already screwed US production, and drained our reserves to offset that happening.

Biden is going to see his poll numbers plummet yet again as people get pissed off at $4 to $5-a-gallon gasoline.

I guess Biden really doesn't have the street creds in foreign policy he claims. Instead, he's the world's punching bag of a joke when it comes to foreign relations.

www.tampafp.com

Oil Cartel Delivers Bad News For Biden Ahead Of US Elections

OPEC+ reached an internal agreement to prolong its oil production cuts, a move that could raise energy prices in the U.S. ahead of the pivotal 2024 elections,
www.tampafp.com www.tampafp.com

Going Green is going to cost Biden big time. Nobody but the radical left likes the greentard policies he's pushing.
Click to expand...
Oil prices always go up with a disappointing olive harvest.
It's hardly Biden's fault.
 
Nomad said:
You fuckers are a couple of idiots.🖕🏼

Worse yet, you're actually gleeful over the possibility of gas prices going up just to damage Biden's election prospects.
Click to expand...
Cherry picking on your part. From YOUR article:

A coalition of eight OPEC+ members led by Saudi Arabia and Russia announced Sunday that they would begin phasing out those cuts over the course of 12 months starting in October.

The planned phase out, however, will be subject to market conditions and could be reversed, the producers said. OPEC+ is keeping separate tranches of production cuts totaling 3.6 million bpd in place until the end of 2025.

So, they aren't planning to do any of that until right before the US elections! That means gas prices will remain high through November.
 
T. A. Gardner said:
Cherry picking on your part. From YOUR article:

A coalition of eight OPEC+ members led by Saudi Arabia and Russia announced Sunday that they would begin phasing out those cuts over the course of 12 months starting in October.

The planned phase out, however, will be subject to market conditions and could be reversed, the producers said. OPEC+ is keeping separate tranches of production cuts totaling 3.6 million bpd in place until the end of 2025.

So, they aren't planning to do any of that until right before the US elections! That means gas prices will remain high through November.
Click to expand...
It puts the lie to the OP's exaggeration about oil prices supposedly skyrocketing over the summer and early fall.

The AAA article I posted says gas prices are likely to slowly fall over the summer, provided no refinery states gets hit by a major hurricane.

But I guess a major destructive hurricane is something else you goons are praying for.

Sick minded Trumptards that you are with your Trumptardation.
 
Nomad said:
These fucking assholes are actually PRAYING for $5 per gallon gas prices.
Click to expand...
I know, but I drive around three thousand miles a year and couldn't care less about petrol prices.

Have you seen the price of extra virgin olive oil lately?
That's the real crisis from where I stand, and nobody is talking about it.
 
Nomad said:
It puts the lie to the OP's exaggeration about oil prices supposedly skyrocketing over the summer and early fall.

The AAA article I posted says gas prices are likely to slowly fall over the summer, provided no refinery states gets hit by a major hurricane.

But I guess a major destructive hurricane is something else you goons are praying for.

Sick minded Trumptards that you are with your Trumptardation.
Click to expand...
I never said "skyrocketing" or anything like that. I stated OPEC was going to cut production and maintain high gas prices while Biden because of his radical leftist environmentalist, greentard, policies has no way to offset that bring prices down.

What you made was a fallacy fallacy, by lying about what I posted then making a response to that. You then compound that with a conjunction fallacy.
 
T. A. Gardner said:
I never said "skyrocketing" or anything like that. I stated OPEC was going to cut production and maintain high gas prices while Biden because of his radical leftist environmentalist, greentard, policies has no way to offset that bring prices down.
Click to expand...

Lying pile of fuck shit.

You said we are going to see HIGHER gas prices....

QUOTE T.A. Goober: ----> "the US is going to see higher gas prices going into November and the elections"

Plus, you're cheering the idea of high gas prices which would hurt the economy.

That's what an unAmerican pile of fuck shit you are.

I posted two articles that say the opposite.

Also, Biden's policies have virtually nothing to do with the world oil market or OPEC's production levels.

You're just a lying pile of fuck shit.
T. A. Gardner said:
What you made was a fallacy fallacy, by lying about what I posted then making a response to that. You then compound that with a conjunction fallacy.
Click to expand...

What you made was a you're a fucking liar fallacy which you then compounded with a you're a fucking idiot fallacy.
 
T. A. Gardner said:
OPEC has just announced further production cuts in oil meaning the world price of crude is about to go up. Given Biden's totally fucked up energy policies, the US is going to see higher gas prices going into November and the elections. There is nothing Biden can do having already screwed US production, and drained our reserves to offset that happening.

Biden is going to see his poll numbers plummet yet again as people get pissed off at $4 to $5-a-gallon gasoline.

I guess Biden really doesn't have the street creds in foreign policy he claims. Instead, he's the world's punching bag of a joke when it comes to foreign relations.

www.tampafp.com

Oil Cartel Delivers Bad News For Biden Ahead Of US Elections

OPEC+ reached an internal agreement to prolong its oil production cuts, a move that could raise energy prices in the U.S. ahead of the pivotal 2024 elections,
www.tampafp.com www.tampafp.com

Going Green is going to cost Biden big time. Nobody but the radical left likes the greentard policies he's pushing.
Click to expand...
US Crude Oil Field Production is at a current level of 13.10M, unchanged from 13.10M last week and up from 12.30M one year ago.

What more would you like Biden to do?
 
zappasguitar said:
US Crude Oil Field Production is at a current level of 13.10M, unchanged from 13.10M last week and up from 12.30M one year ago.

What more would you like Biden to do?
Click to expand...
That misses the point. How much higher could it be if Biden weren't fighting tooth and nail permitting new drilling and new production?
 
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