Oil production cut backs announced

[4WD]

It's painfully obvious the whole oil industry manipulates the markets to what they see fit. Like clockwork, when the summer driving season arrives oil goes through the roof-it's been like that always in recent history. They also see the hand writing on the wall in regards to EVs/Hybrids, fuel efficiency gains with ICE, and so on. They are going to make as much money as they can-while they can. I don't care how much they charge-it won't (and doesn't) CHANGE my plans in regards to where I want to drive to-what distances I travel!

The whole industry ? That’s why it went to zero not long ago …

 

[CKN]

The whole industry ? That’s why it went to zero not long ago …

They can not necessarily predict economic situations accurately in every instance........the industry is corrupt-regardless of how many get paychecks from it.

 

[4WD]

They can not necessarily predict economic situations accurately in every instance........the industry is corrupt-regardless of how many get paychecks from it.

Ignorant comment - that’s two so far …

 

[CKN]

Ignorant comment - that’s two so far …

Where are you employed within the industry? I believe you have mentioned it in the past...

 

[tyman]

Yay. My heart sunk yesterday when I heard this news. Coordinated OPEC production cut, on top of another cut announced late last year (IIRC.) That's just great.

What we are doing isn't working...

Has anyone ever asked, "What happened?" Although, at that point we probably get into bias..

BRIC is what is happening

https://www.vanguardngr.com/2023/04/russia-leads-brics-in-working-to-create-new-currency/

 

[4WD]

Where are you employed within the industry?

My employment is none of your business … All major companies and industries are severely audited - you might call governments corrupt - but you called an entire industry corrupt …

 

[CKN]

My employment is none of your business … All major companies and industries are severely audited - you might call governments corrupt - but you called an entire industry corrupt …

There you go....we have nothing else to discuss.

 

[4WD]

There you go....we have nothing else to discuss.

Good - on ignore …

 

[Bjornviken]

It gets better, the U.S. Dollar is falling out of favor as a trade currency.

that's correct, China, Russia and Brazil dumping dollar, and trade with their own currency

 

[CKN]

Good - on ignore …

My 4WD is touchy......

 

[Lubener]

It was announced late last week and the gas prices in my area have jumped to $3.75/gal. That's just the begining.

 

[NiwradND]

We still have 25 percent of oil reserves left, the dumb big guy will probably empty them?

 

[Bjornviken]

Replacing the dollar as the worlds reserve currency isnt really in the cards.

The petrodollar has lost most of its meaning already, but dollar will remain the standard most ask for.

Where are the Anti EV people ? They never really want to talk about this.

yes it is for some, time to wake up

 

[JeffKeryk]

Winners and losers... Just depends on which side of the deal you are on.

 

[Furious]

Well this explains why gas prices in my area shot up 20 cents overnight.

 

[Bjornviken]

Well this explains why gas prices in my area shot up 20 cents overnight.

could be worse, electric prices going up 600%

 

[NiwradND]

They will try to hold electricity prices down until more people have bought EV vehicles.

 

[UncleDave]

yes it is for some, time to wake up

Not losing sleep over this, I suppose we're going to see.

 

[Owen Lucas]

It gets better, the U.S. Dollar is falling out of favor as a trade currency.

Any country who has done this in the past has suffered the fate of revolutions, sanctions, and destruction. I think we have many tools to combat de-dolarization. I wouldn't be surprised if it's even a coordinated attempt to undermine the Chinese with a fake out by Saudi Arabia and them aligning closer to Iran as part of the ruse they are distancing from the US. Crazy theory though. No body wants the Yuan, it cannot be trusted because the CCP is behind it, I'd rather trade in Legos, they are more valuable. Just my thoughts, not an economist, these guys must me onto something.

Great timing as usual. Summer time coming up. All the out door activities,boating,travel,etc. Will put a crimp in the budget.

Maybe this has something to do with the upcoming election as well? Higher gas prices puts more pressure on team blue and might make more people lean towards red? Maybe OPEC doesn't care either way?

 

[fantastic]

When oil goes high enough that's when the US oil companies get back in & then opec goes back to undercutting them. It's a cycle for $