Posted on 07/02/2022 12:29:31 PM PDT by RomanSoldier19
he price of oil may rise to a “stratospheric” $380 per barrel if US and European sanctions lead Russia to reduce its crude supply in retaliation.
This was disclosed by JPMorgan analysts endorsed by Natasha Kaneva in a note to clients seen by Bloomberg.
Back story The Group of Seven (G7) leaders recently discussed a plan to cap the price of Russian oil in order to put pressure on Moscow, which is benefiting from rising energy prices, and cut off its sources of funding for the invasion of Ukraine, which prompted the note.
A price exception could work through a mechanism to restrict or ban insurance or financing for Russian oil shipments above a certain amount. It could prevent spillover effects to low-income countries that are struggling with high food and energy costs.
In order to accomplish this objective, the G7 needed the support of oil-exporting nations in the Organization of Petroleum Exporting Countries and its allies in a bloc known as OPEC+, which includes Russia.
The European Union still plans to ban imports of most Russian oil from the end of the year. The US, United Kingdom, Canada and Japan will also ban Russian gold imports. France also supported the move.
(Excerpt) Read more at nairametrics.com ...
Would that be high enough for voters to cop a clue and kick Libtards to the curb already? 🤪
#freezeforukraine will join #starveforukraine. It’s “our values” and “who we are” in the liberal world order.
Russia, Russia, Russia ROFL.
Thanks Joe
Counting your chickens , no no no
This is more about trucking than anything else.
Lovely. Oh, if oil were only $1000 a barrel nobody would be able to afford it and everybody would buy electric cars and the earth would be saved! Our energy policy is in the hands of third graders.
That would be $10 plus a gallon for gas.
Ammo/Beans/Ramen/Spirits/Metals/Coffee/Water/TP.........Preferably American made.
And how would all these EV’s be charged, and what would the average electric bill be per month? $500, at a minimum.
JPM has 20,000 analysts, each giving different financial predictions to 500,000 clients. If they really knew what would happen in the future, they wouldn’t be advising clients, because they’d have all the money in the world.
Now let’s ask some guy in a bar what he thinks oil will do....
So, was he lying, or is he just incompetent?
Oil prices will be going sub $100/barrel in the not too distant future.
I'm guessing around $80 or less by the end of the year.
The recession will reduce demand, and all commodities drop in price during one.
Worst weasel word in the English language. I'm going to go out on a limb here and say it may not go to $380/barrel.
This is pure bs. It could happen in another 30 or 40 years, but that’s about it.
The caveat would be if we went into hyperinflation. Then it would be that much just because the dollars were so little.
Even with JP Morgan’s strategic idea to help Putin and cash in on the consequences, oil prices won’t go that high.
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