Bank of America is now predicting that Brent crude oil, which drives gas prices, will zoom to $120 a barrel by June 2022.
- Thread starter GON
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The USA, using its own production, combined with Canadian oil imports, could tell Saudi Arabia where to stick it but we can’t discuss why that isn’t happening.
Exactly! At least someone understands why.
I think we are more likely to return to the $60 range next year as things normalize. EV adoption won't stop, work from home will grow, and you can get oil almost anywhere. Literally pumping money out of the ground. All these nations will not agree forever to artificially limit how much money they pump out.
I could be wrong tho.
I could be wrong tho.
Zee09
$200 Site Donor 2023
My local Sunoco jumped up 13 cents overnight on 93 octane.
87 was up 6 cents.
87 was up 6 cents.
It's going to go to whomever pays the most for it-that's why LNG is going to the EU & the USA is both a leading producer AND consumer.
Right. When they design a website that works on my phone I may consider... wait, who am I kidding. No, forget it.
Hermann
Site Donor 2023
Last Friday we went from $2.91 to /$3.15 for 87 octane
Thats every 10 days here.
go up 25-30cents go down 20 cents go up 25-30cents.. go down.... eventually there is 2 up or 2 down cycles and screws my buying up.
just missed 2.77 the other day went to 3.15. now back to 3.07
IT was called the speedway effect here.. but now others are in on the game.. with electric signs they can control hundreds of stations from home office simultaneously
You mean we can't discuss wallstreet telling oil companies they have shares in to rein in spending? Because the reason has nothing to do with what you're implying, it has everything to do with walstreet investors are tired of oil companies spending every penny they make on new wells and production, and then crashing and burning when there is a market downturn and prices fall. This time they are forcing the oil companies to be more conservative and that's why we're seeing US production staying flat.
Investors want margins and safe investment, and oil companies in the past spent every penny on growing production. In the end what investors wanted won out. They are leery of increasing production too much at a time of flux where nobody really knows what demand looks like in a year, and they'd rather err on the side of keeping production low and prices high, than risking a catastrophic (for them) price crash like 2019. This is largely the same reason OPEC+ is keeping production flat, they don't want to oversaturate the market and cause a price crash either.
Too political. There was a choice made. That’s all.
But now that you mention it, US oil production is humming along at over 11 million bbls/ day of $85 oil. Back in 2009 the US was producing 5 million bbls/day. Yep, getting in with borrowed money is always a risk but like they said on the movie Wall Street “ Greed is Good ”.
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I'm getting rid of a car that gets 28 MPG but the payment was $264 a month.
I'm replacing it with an SUV that gets 14 MPG but is paid for.
Maybe I'll break even.
I'm replacing it with an SUV that gets 14 MPG but is paid for.
Maybe I'll break even.
GON
$100 Site Donor 2024
If unleaded goes from current prices to six to nine dollars a gallon........ not sure 14 MPG is good for most people unless they work in the town they live in.
My round trip commute to work is 4.4 miles.
Right now the $264 payment thats gone will buy me about 80 gallons of gas a month, enough to go about 1120 miles a month, I should be O.K.
If gas doubles in price I'm down to about 560 miles a month.
But not everyone is like me, it could get rough for some.
I hope the currant big truck and SUV craze doesn't come back to bite some butts.
Zee09
$200 Site Donor 2023
Yup.
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