Posted on 05/30/2022 7:33:43 AM PDT by ChicagoConservative27
Brent crude, the international oil benchmark, has surpassed $120 a barrel, reaching a two-month high as gasoline and diesel fuel prices continue to rise.
The U.S. oil benchmark, West Texas Intermediate, also rose, reaching more than $116 a barrel.
The price spike comes at a time when demand in the United States is expected to rise with the start of the summer driving season and European leaders are trying to reach agreement on a Russian oil embargo.
(Excerpt) Read more at thehill.com ...
More ‘Sticking it to Putin’, I guess.
carter 2.0
and everyone needs to remember that LIBERAL WANTED THIS!!
this is no ACCIDENT! Liberals wanted gas to shoot up in price so speed up the transition to electric cars.
I wonder if in a short while, it will be discovered that even during the Memorial Day weekend, there wasn’t as much driving done as expected and that could have gasoline and oil inventories at those somewhat higher levels, thus correcting the prices.
At least Carter was a governor ond nuclear engineer and farmer
Biden is still nothing
Meanwhile India and China are buying all the heavily discounted Russian oil they want or need. The Biden Administration is strangling the domestic fossil fuel industry causing a real contraction of the American economy, poverty and shortages of food and many other essentials.
“Brent is still well below its all-time high of $147.50.”
What people in ‘woke’ states are quickly learning is that the difference between the price of crude, and the price of gasoline, due to their huge taxes, most of which are buried upstream. For example, crude was about $2.60 per gallon last week ($110 per barrel). Pump prices in the SF Bay Area were roughly $6.50 per gallon.
California has a record budget surplus this year. Why? Read those two numbers above again and you’ll know why.
Yeah, I wish Creepy Uncle Joe would take his Coke Head son and skanky wife back to the retirement home where he can hit on the little girls that come to visit the old people.
I understand supply and demand but this is straight up greed. It doesn’t cost drillers $120/ barrel to get it out of the ground. They were making money at $40 / barrel. The oil companies are making a killing.
Really Clark?
Wow...
Long oil is a short on the Biden economy.
At least Carter was a governor ond nuclear engineer and farmer
Biden is still nothing>>. And Carter founded Habitat for Humanity
Idk about that. The price of everything has gone up significantly. Heavy equipment. Parts. Labor. Services. Not to mention fuel. What used to be profitable at 40 is definitely not anymore. Add at least fifty percent.
We buy a lot of equipment from Trane. They send us letters regularly notifying us of increased prices. One time it was 15% in a day on a $700k chiller. One day it cost 700k the next it was 770k.i imagine this is happening across all markets.
Much more straightforward and direct to look at the front month price of RBOB gasoline futures. Trading this second @ $3.99. Add maybe 50 cents to that for retail profit and the rest is taxes.
In times of high inflation everyone accuses everyone else of “greed”.
Been there, done that.
“They were making money at $40 / barrel.”
Some fracking wells need 50 or more. Some offshore rigs need 60 or more. You can’t expect them to eat billions when prices are lower and they are losing money, but not keep profits when higher.
Something to remember for the next two elections if not nothing changes for the better only the worse.
I have a friend named Brent. He’s not crude.
The U.S. oil benchmark, West Texas Intermediate, also rose, reaching more than $116 a barrel. "
CONSIDER the source : "The Hill" !!
OODA Loop !
Making it impossible for us to drive. Eliminating the middle class (because we are not addicted to govt handouts). Flooding America with third world savages.
I guess it's true. 21st Century America has lost it's spine and is too stoned on pot to even care.
100 years from now someone will write "The Rise and Fall of the United States" and will quote an ancient truth: "Nations follow the same pattern. They go..":
1. from bondage to spiritual faith;
2. from spiritual faith to great courage;
3. from courage to liberty;
4. from liberty to abundance;
5. from abundance to complacency;
6. from complacency to apathy;
7. from apathy to dependence;
8. from dependence back into bondage'
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