But gas jumped $.30 here in California because for sure it was going over $100. Oh well, surely with a 7% drop, I’m going to save a quarter a gallon starting today, since we’re all involuntary players in the oil futures market
I want $2/gal, alcohol free, 87 octane gas.
Trump’s manipulation of the oil market is going to bite him in the butt. A huge base of his support came from oil and gas producing states which will be dramatically hurt if this price dive continues. Also, his much touted goal of energy independence for the US will only happen if prices are high enough to incentivize shale production growth by domestic producers. If rates of return drop below the expectations of investors, the shale business will start shrinking very soon.
Unfortunately, capital budgets have already been set through the end of the year, which means that we will see growing production in a down price environment. That will drive the price down even further and wreak economic chaos on the shale oil producers next year.
Cut the twitter chatter on oil prices Trump and let the market dictate price.
That is what deep state control of a market does to you. A long time ago people in he oil patch were complaining as to what they could do with something that costs $0.02 a gallon. They figured that out.