Posted on 09/25/2018 9:46:47 AM PDT by bananaman22
An oil price spike is starting to look increasingly possible, with a rerun of 2008 not entirely out of the question, according to a new report.
The outages from Iran are worse than most analysts expected, and bottlenecks in the U.S. shale patch could prevent non-OPEC supply from plugging the gap. To top it off, new regulations from the International Maritime Organization set to take effect in 2020 could significantly tighten supplies.
Put it all together, and “the likelihood of an oil spike and crash scenario akin to the one observed in 2008 has increased,” Bank of America Merrill Lynch wrote in a note. BofAML has a price target for Brent at $95 per barrel by the end of the second quarter 2019. In 2008, Brent spiked to nearly $150 per barrel.
(Excerpt) Read more at oilprice.com ...
Nobody really knows where the price of oil is going but when the financial talking heads were hyperventilating and predicting a severe drop it was time to load up. As Buffet says: “Be greedy when others are fearful.”
Sounds like peak oil thinking to me. The only way for oil to get that high here is for government to limit US output.
Sure it is...
So is a meteor strike or a solar flare strike.
What happened to the expansion of Alaska north slope that Trump opened up?
Oil prices go up because of the election. The globalists always pull this stunt as they are all anti Trump/anti naionalists.
shortened drilling season and remote access
$100 bbl oil is a remote possibility. Any production from Iran and Venezuela that has been take off line will be more than made up by increased US oil production. The claims that our pipelines can’t handle the problem is telling....that’s how strong production is right now. Pipelines, trucks and trains are a problem that WANTS to be solved, and in a free market it will get done.
Exactly. I’d also like to see a gas pipeline to release all the natural gas that’s been re-injected for the last 30-40 years.
$50, $60, $70 are all possibilities too. Since they’re all possible, the author of the article has told us nothing.
If you have a CDL and live in the rust belt or have a job with a trucking company that pays crap, buy yourself a RV and head for West Texas or SE New Mexico. You can make $$$ for a few years until pipeline capacity catches up with demand. Even then there will be a need for truckers to provide supplies for new drilling and to move newly recovered oil to a pipeline loading location.
“....government to limit US output.”
And open up ANWAR. We only get three percent of our oil anyway from the middle east based on the UN’s oil for food program. Raise the price, eat your oil. It’s called a free market. And we are free of you if you start anything you can’t get down your palate.
rwood
This reminds me of the daily commercials on Fox News stating “If Silver returns to its all time high.............”
Absolutely true. Good money to be had for people willing to work.
They need any pipe fitters???
Most certainly. Get hold of Sunday editions of daily newspapers in Midland, Odessa TX, and Hobbs, Carlsbad NM
Lots of pipelines being laid for crude and natural gas transport to refineries and NG processing plants. Go to the Yellow Pages and look under Oil Field Services, Pipeline Companies, etc. The majors are building compressor stations to get gas to interstate gas pipelines. A bit of preparation and a visit to the area can get you started.
GOOD! Maybe it will make some of these mindless dolts stay home and think twice about running up and down the highway. One woman around here drives to the corner store at least 6 times a day and probably more than that.
Are you joking
Apart for pipelines to support oil and gas drilling...there are $Billion capital investments in LNG liquefaction plants and huge plants to produce the raw materials for the plastics industry
LNG plant:
https://www.eia.gov/dnav/pet/pet_pnp_unc_dcu_nus_m.htm
Refinrry utilization info. Latest up to June.
This is the problem.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.