Oil prices could rise to $120 a barrel on further supply cuts, and that would bring economic growth to a halt next quarter, JPMorgan says

MSN ^ | 09/20/2023 | Jennifer Sor

[ChicagoConservative27]

Oil prices could soar back into the triple-digits if crude supply faces more pressure – and that could bring global economic growth to a near standstill, according to JPMorgan.

In a note on Tuesday, the bank's strategists noted oil prices have jumped 27% over the past month to trade at a 10-month high.

Around 25% of that change is attributable to higher-than-expected oil demand, while 75% is attributable to major supply cuts, such as from OPEC+, which has repeatedly slashed its crude production over the past year.

[ChicagoConservative27]

Good old diaper brainonmics

[butlerweave]

Don’t worry everyone will JUMP to EVs powered by Oil ,LOL

[Gay State Conservative]

later

[tomkat]

Already $4/gal in central PA.

But remember now, we don’t count that in the inflation # fantasy!

[MNDude]

I think that will be around $6 a gallon.

Imagine what it will be if USA goes to war with Russia. Especially if they take out some oil refineries.

[rktman]

Yup. And branDUHnomics wants to lock up tribal lands in NM for 50 years to drilling. 🖕

[Levy78]

$4.20 SW Montana.

[patriot torch]

looks like bidenomics is having the effects it was designed for. To cripple and destroy this country.

A great America had it correct, “drill baby drill!”

Putting lipstick on a pig does not change its dna!

[NWFree]

Thanks President Retard

[Lou L]

If you want to slow inflation, stop screwing with the interest rates. Instead, allow and encourage the price of oil to rise unabated. When those increased energy costs seep into the price of everything else, boom—the economy shuts down completely.

[Dahoser]

Yup. And branDUHnomics wants to lock up tribal lands in NM for 50 years to drilling. 🖕

The people who support Biden, the true left believers, are thrilled at the prospect.

[eyeamok]

It will all get better if we just shut down oil exploration on a few hundred million more acres of land and sea...

[GOPJ]

The website GasBuddy listed prices at some stations in Boca Raton, West Palm Beach and Jupiter at above $4, with some reaching as high as $4.10.Sep 5, 2023

Google Florida

[entropy12]

That could boost inflation and my social security checks.

[sauropod]

.

[FlyingEagle]

Wow I thought the Saudis and Russians only wanted $100.

$120 will cause both a political trainwreck and economic demand destruction.

[Herodes]

Regular gas in SoCal is a low of $6.09 as of yesterday morning. That’s the “low”...

[Laslo Fripp]

We could all be rich in a few years!

/s

[know.your.why]

FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...FEAR...

[StormEye]

"Regular gas in SoCal is a low of $6.09 as of
yesterday morning. That’s the “low”..."

Good!
I hope all of the left-wing Democrat Party kooks
in that State of Insanity are enjoying it.

I feel sorry for the good folks who are suffering
with these prices and who did not vote for the
current governments in California and Washington.

Sooner or later the citizens of California who have
voted in the lunatics running the Fed & Calif. governments
will have to come to their senses. Maybe around $9.00/gal??