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This may not be the good news it seems like it should be.
I'm no econ wiz and I certainly haven't sat down and researched this, but online 'friends' who I generally trust to have a sense of these things were predicting this as prices were rising to their peak a while back. Something about an inventory glut which has to be sold off before it expires, or something. Anyway, if they were right, this may actually be a signal that we're basically at the point in the timeline where the economy collapses. I'm paraphrasing & oversimplifying what I'd read, but that's the gist of it.
Nope. It’s the same entity it always is. The BIG one that controls the vast majority of oil world wide and likes to periodically let the rest of us know it by cutting production just because they can.
OPEC per barrel prices:
Dec 2020 - $49.17
Jun 2022 - $117.72
Oct 2022 - $95.32
When they cut supply, prices rise worldwide. When they increase supply, prices lower worldwide. All else is “sound and fury, signifying nothing”.
That and US refinery capacity...especially in niche markets.
Except that's not what the disinformation board told us in official whitehouse pressers.
True OPEC has lots of control on global prices. But even our American oil producers publicly admitted they had no intention of stepping up production until they recovered some of the losses from 2020.
And they had a right to do that......
The oil producers impact was more on investing in refining capacity. While the right wingers complained about US production, that wasn't really reality as to why prices went high.
The reason they're not making big capital investments is that the govt. is promising to END THEM.
Shocker, who makes long term investments in that head wind?
It was around $2.00 in December of 2020. Hardly plunging.
You can't compare prices today to pre-inflation.
Inflation has run around 20% since 2020. That $2.00 is now about $2.50. That is your best case scenario. That is about where we should be if we were still developing our own energy, so $3.00 is not horrible given the Left's assault on fossil fuels.
Thing is, it is the current price is recession related. Enjoy $3.00 while you can. Whenever we return to a solid economy, after the next 2 to 3 years of inflation (I don't mean 10%, but inflation seomthing north of 4%), $3.50 will be the new normal for regular unleaded.
Get used to it.
Last edited by Igor Blevin; 12-01-2022 at 07:16 PM..
Name brands have already dropped below $3 in my immediate area, but it's due in part of an old-fashioned gas war - there are two Chevron stations, one Texaco, one Murphy, one Marathon, and now a Circle-K is being built, along a 1-mile stretch. This morning, one of the Chevrons was at $2.929. Other parts of the area are about 30 cents higher.
Yesterday, Costco was $3.429 for premium, which is where I shop and what I buy. Can't remember how much regular grade was.
Exactly, and before Biden started draining our federal reserve of oil.
He needs to be filling it back up while oil prices are down. It's still a lot higher than when Trump was in office, but also a lot lower than Biden's (I mean Putin's ) highest.
He needs to be filling it back up while oil prices are down. It's still a lot higher than when Trump was in office, but also a lot lower than Biden's (I mean Putin's ) highest.
It is still $80/bbl. I would hold out for $60, mid recession.
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) highest.