I Told You The Price Of Crude Is Being Rigged

[CC27]

gab13by13 (32,941 posts)

I Told You The Price Of Crude Is Being Rigged

Just imagine where Krasnov would be today with crude at $150/barrel and gasoline at $7/gallon, the pitchforks would be out.

Every time that Krasnov proclaims that a peace deal is imminent, crude drops 3%, even though the negotiations are bogus, are Kabuki Theater, Iran doesn't want a deal.

Numbers don't lie, liars lie, the supply of crude oil is down by 12.8 million barrels per day.

Countries like the US have been depleting their strategic oil reserves and those reserves are at historic lows.

At some point the price of crude and gasoline will have to reflect what is going on.

WTI is below $90/barrel, and Brent is $92/barrel, nothing warrants those low numbers.

https://www.msn.com/en-us/money/markets/disconnected-oil-futures-market-could-see-price-spike-within-weeks/ar-AA25eHqq?

https://www.democraticunderground.com/100221296272

Blah blah blah. You know shit

[SVPete]

gab13by13 really believes that oil producing countries that hate the US or do not give a @#$% about the US would voluntarily lower their oil prices ~35% from where gab13by13 believes the price "should" be?

 

Here's an even worse (to DUmmies) idea: the oil crisis they desire is not happening.

[ADsOutburst]

I Told You The Price Of Crude Is Being Rigged

You spelled "LA mayoral primary" wrong.

[Airwolf]

Don't know what it is like  else where but the price of gas here in my corner of the universe is $3.73/Gal. It was above $4.00 when this started way back in April.

[CollectivismMustDie]

Countries like the US have been depleting their strategic oil reserves and those reserves are at historic lows.

It was biden who depleted the oil reserves of America.

[SVPete]

More "bad" gas price news is coming - or may be there - for gab13by13, . This AM I drove by the gas station near me I've been using for several years. Its price for regular had been for a month or so, equal to the highest price under Biden. This morning it was $0.23 lower.

CT-BS aside, gas stations, refineries, and oil companies use FIFO accounting to set their prices. Current prices reflect the most recent delivery of oil/gasoline. The price drop I noticed this AM means crude oil and refinery gas prices are down. Outside of the Prog-BS-CT universe, this is likely due to the large amount of crude the USN has helped through the Strait or Hormuz and the pipelines that Gulf States have brought online that bypass the Strait.

Besides the immediate effect on oil prices, the tankers that brought out crude oil had been trapped in the Persian Gulf. However many tankers just rejoined the worldwide fleet of active tankers. The pipelines also won't be going away, loosening the Strait of Hormuz chokepoint for decades to come.

Just a note on gab13by13's DU OP, "WTI" means West Texas Intermediate. It's domestically produced crude oil, the crude oil to which LIEden tried to limit exploration and production access (2022-imposed sanctions against Russia were not the sole reason US gas prices soared in 2022 and 2023!).

ETA: I know restoring oil production in Venezuela will take years, but I wonder if enough repairs have been done to increase Venezuelan production some. If so, more "bad" news for which gab13by13 can blame Trump.