Posted on 09/20/2022 2:53:18 AM PDT by RomanSoldier19
Oil prices slumped Monday, falling by more than 3% on fears that slowing global economic growth will weigh on crude demand ahead of likely new large interest rate hikes by a number of central banks, including the Federal Reserve.
By 08:35 ET (12:35 GMT), U.S. crude futures traded 3.4% lower at $81.88 a barrel, while the Brent contract fell 3% to $88.59.
U.S. Gasoline RBOB Futures were down 2.8% at $2.3474 a gallon.
Both benchmarks suffered their third consecutive negative week last week, and this selling has continued Monday as traders fretted that aggressive monetary tightening by a number of central banks, the U.S. Federal Reserve in particular, will add impetus to the already slowing economic growth.
Both the World Bank and the International Monetary Fund warned last week of an impending global economic slowdown in late-2022 and 2023.
(Excerpt) Read more at finance.yahoo.com ...
I for one am hunkering down, hoping I got my hedges and my preps right.
GREATEST ECONOMY EVER!!!!!!!!
Best prep is to be debt free.
Rumor going around that the Dems are shooting for $2/gal gas just before election. (Not sure how though). D’s could prove their Inflation Reduction Act is working lol
Sideshow Bob’s black twin sister will be out there today touting PoopyPants leadership in bringing down the global oil market
Probably be a White House tweet by afternoon
And the media will be all a-twitter over it
It's a heck of a feat that only a demoncrap could pull off; Curing petroleum inflation by creating a depression.
Sideshow Bob’s black twin sister
Omg. I thought the same thing
Clearly, Joe Ice scream and the rest of the Dems need to declare this bad economy ILLEGAL and investigate it. Have the FBI raid something and get Merrick Garland on it.
Isn’t that their only solution these days?
Must be why gas has started creeping back up here.
If the Joe Stolen/”Que mala” Harris regime would stop pushing out a million barrels a DAY from the Strategic Petroleum Reserve, the market would return to a true valuation for crude. Subsidizing the market at this point is an exercise in poor management.
But complaining of poor management by the current regime is like both preaching to the choir and whistling in the wind to everybody else. Nobody wants to stop the runaway freight train.
If there’s one region more screwed up than the United States (under the Xiden regime), it’s Europe. That region’s economy has been so mis-managed that the devalued dollar has actually STRENGTHENED vs the Euro (almost on par currently). It’s “Cleavon Little”-like gun to its own head (Blazing Saddles reference) regarding sanctions vs Russia have backfired big-time. Not only have their “green energy” policies made them dependent upon Russia, the relative strengthening of the ruble and the dollar will make it much more expensive for Europe this winter. It will be bad in the US due to the Xiden regime but even worse in Europe.
The bottom line is: GET THE GOVERNMENT OUT OF THE WAY; STOP GOVERNMENT SPENDING, LOWER GOVERNMENT REGULATIONS!!! It’s the only way out of this mess.
I don't know how just gas falling reduces overall inflation. Diesel prices are still well north of $5/gal here in HELLINOIS, which makes moving anything by truck very expensive.
No wonder grocery store prices are at 40+ year highs!!!
I don't know how just gas falling reduces overall inflation. Diesel prices are still well north of $5/gal here in HELLINOIS, which makes moving anything by truck very expensive.
No wonder grocery store prices are at 40+ year highs!!!
My business is Transport Bulk Ag. Horrors are on the way if Nat Gas continues to rise. a 10 handle means all bets are off.
“Henry Hub Natural Gas Spot Price is at a current level of 8.49, up from 8.20 the previous market day and up from 5.21 one year ago. This is a change of 3.54% from the previous market day and 62.96% from one year ago.”
As far as the high Diesel prices, i don’t pay them YOU do if you use a Cargill product. (variable fuel surcharge)
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