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Post by james on Mar 8, 2021 11:27:39 GMT -5
The price of crude oil jumped to almost $70/barrel yesterday, and the price of gasoline (in the US) is up 50 cents/gallon (on average) since last month. Analysts are saying that some of this is due to the attack on the Saudi oil terminal and OPEC's decision to reduce output. But the biggest cause for the price surge is demand, especially in the US. As more and more people are vaccinated, and lockdowns are released, people are hitting the road in record numbers. The Biden administration's policies have cut US oil production by 2 million barrels a day which isn't helping things either.
My point is, if oil prices continue to climb this should be a good thing for the Colombian economy, which has suffered greatly because of low crude prices over the past few years. I'm just wondering how far this will go. Will we see $100 a barrel again ?? Being the conspiracy theorist that I am, I'm wondering if the oil companies and big business in general (which typically endorses Republican policies) are manipulating things to make Biden and the Demos look bad ahead of the 2022 mid-terms. Big inflation in the US is a threat too after the 1.9 trillion stimulus bill passes. Double digit inflation (like during the Carter Administration) is a real possibility.
What do you guys think ?? Is the US headed for another crash ?? If so, how do we best weather the storm ??
- JAMES
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Post by búfalo on Mar 8, 2021 13:44:55 GMT -5
Dunno, but I bought XOM at about 40 and am loving it! I do hope for a good pullback to get more.
Like you mentioned, with COVID slowly coming to an end demand is up IMO.
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Post by charlie640 on Mar 8, 2021 14:56:53 GMT -5
This is all you need to know
Are you ready ?
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Post by mudd on Mar 8, 2021 17:39:59 GMT -5
The price of crude oil jumped to almost $70/barrel yesterday, and the price of gasoline (in the US) is up 50 cents/gallon (on average) since last month. Analysts are saying that some of this is due to the attack on the Saudi oil terminal and OPEC's decision to reduce output. But the biggest cause for the price surge is demand, especially in the US. As more and more people are vaccinated, and lockdowns are released, people are hitting the road in record numbers. The Biden administration's policies have cut US oil production by 2 million barrels a day which isn't helping things either. My point is, if oil prices continue to climb this should be a good thing for the Colombian economy, which has suffered greatly because of low crude prices over the past few years. I'm just wondering how far this will go. Will we see $100 a barrel again ?? Being the conspiracy theorist that I am, I'm wondering if the oil companies and big business in general (which typically endorses Republican policies) are manipulating things to make Biden and the Demos look bad ahead of the 2022 mid-terms. Big inflation in the US is a threat too after the 1.9 trillion stimulus bill passes. Double digit inflation (like during the Carter Administration) is a real possibility. What do you guys think ?? Is the US headed for another crash ?? If so, how do we best weather the storm ?? - JAMES few things, didnt help when Biden canceled the pipeline. oil will still be moved, now just more expensive. look into who owns the rail ways who transports the oil, " follow the money" 2nd, fiasco in texas with solar and wind, didnt do so well in winter storm lol. now figure in opec and biden admin canceling all new oil permits. not hard to figure out where oil and gas is going...... but with higher prices, texas shale will start flowing again
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