Oil news not good today

[Bailey28]

Plastered all over the news stating oil went up 10% today 3/2/26 and 'could' spike to $100 a barrel. Just how much of our oil comes from the middle east region in turmoil? Remember, no politics, just oil price talk. Thanks.

 

[rijndael]

https://www.visualcapitalist.com/u-s-crude-oil-imports-by-country/

 

[KGMtech]

Be nice to your neighbor Canadians?

 

[Zee09]

I'm set with my HE hybrid HVAC system and my Accord Hybrid but unlike @Pablo I have sympathy for all those paying high energy bills...

They were already high enough to start with especially with the cold up north.

 

[Dave Hess]

EV owners bragging how they are not affected by crude oil prices.

 

[CarLuver]

We in Wa St already have some of the highest gas prices so don't really care anymore .

 

[Zee09]

EV owners bragging how they are not affected by crude oil prices.

I would argue my 87 octane eating hybrid that averaged 55 mpg over 7000 miles is cheaper to run with higher resale...

 

[Astro14]

Already had to moderate one post. Please avoid politics in your posts.

 

[PWMDMD]

Be nice to your neighbor Canadians?

Canada exports to the US, Asia, and a small amount to Europe. The only mechanism to reroute Canadian oil to the US that I can think of is to outbid Asia refineries. This is just going to add more cost on top of whatever the going global rate for oil is at that time. If oil went up 10% today but the US offered Canada 12%, we'd get more oil, but this doesn't help reduce or even keep the cost stable.

 

[mk378]

Oil is a global commodity. Everyone pays the same price no matter where it is produced or consumed.

 

[The_Jeff]

EV owners bragging how they are not affected by crude oil prices.

The nice thing about electricity, at least here, is that the price is set by the PUC and fixed for the year. So if oil prices shoot up people can use alternatives: Heat pumps instead of oil boiler heat, plug-in hybrids instead of never plugging in the hybrids, etc.

After the year is up the reverse is true, but having choices adds flexibility.

 

[SammyChevelleTypeS3]

It is a shame and there are reasons for spikes in oil and all sorts of consumer goods that are shipped. My issues is all the speedy as lightening speculations the world financial markets use against us poor consumers. The prices shoot sky high instantly at the hint of
any issue and yet take years to recede if EVER again.

 

[PWMDMD]

Oil is a global commodity. Everyone pays the same price no matter where it is produced or consumed.

Unless you're willing to pay more than the going rate to get more oil. But it makes the price go even higher.

 

[4wd]

Canada exports to the US, Asia, and a small amount to Europe. The only mechanism to reroute Canadian oil to the US that I can think of is to outbid Asia refineries. This is just going to add more cost on top of whatever the going global rate for oil is at that time. If oil went up 10% today but the US offered Canada 12%, we'd get more oil, but this doesn't help reduce or even keep the cost stable.

Problem for parts of Asia now is LNG being shut down …

 

[rstsco]

Drove up to Wisconsin last week. Driving home later this week. Going to be interesting seeing the price of gas on the way home. It's amazing how one country farts passes gas and the prices go up around the world overnight.

 

[PWMDMD]

Problem for parts of Asia now is LNG being shut down …

...and that will drive prices up more.

 

[bullwinkle]

Gas went wild here, saw a low of $2.23 this morning (Wawa on Fields-Ertel in NE Cincy), then by late afternoon EVRYBODY was $3.19! Boy, that crude moves through the system QUICK!

 

[fdcg27]

It really depends upon how long active hostilities continue and how effective Iran and its proxies are in scaring commercial shippers to include tankers away from the Straits of Hormuz.
Obviously Iran itself will be unable to ship oil and Iran does account for 6% of world oil production, with most of Iranian production going to China. China will of course source oil elsewhere until the current situation is resolved.
We should also remember that any minor hiccup in crude supply translates into increased pump prices for all of us.

 

[SC Maintenance]

Please point me to where oil is up 10%?

Brent is up 7%. WTI is up about 4% as of right now.

 

[Bailey28]

Gas stations seem to never let a crisis go to waste. The gas in the ground is already bought and paid for. The price increase should come with the next load a day or so after bad news breaks, not rise immedately upon breaking news.