Thanks Biden! Who says he doesn’t still have it? It’s been quite a while since there was a gas thread I wanted to give those who are so passionate about it a chance to celebrate Biden’s low prices. Gas prices are dropping just in time for Labor Day weekend
Yeah, but it was lower during Covid when nobody was traveling and we were using freezer trucks to store bodies due to Trump’s horrible mishandling of the pandemic, so take that, Biden!
Did Hugo Chavez stop making voting machines and decide to start exporting to the US again? Ole Hugo is a Biden shill.
It was 2.41 when Biden took office so gas prices are up roughly 20% since Biden took office. AAA Gas Prices
$3.29 in Naples Libya just lost 700k bopd in production as the warlord in charge of the oil fields is fighting with the gubmnt in charge of the export terminals Libya's oil production plunges 63% due to oilfield closures, NOC says | Reuters Libya's National Oil Corporation said on Friday that recent oilfield closures have caused the loss of approximately 63% of the country's total oil production, as a conflict between rival eastern and western factions continues. The North African country's oil blockade has widened, with eastern leaders demanding western authorities back down over the replacement of the central bank governor, a key position in a state where control over oil revenue is the biggest prize for all factions. The crisis over control of the Central Bank of Libya threatens a new bout of instability in a major oil producer split between eastern and western factions that have drawn backing from Turkey and Russia. Highlighting that the oil sector represents the backbone of the Libyan economy, NOC said restarting the halted oilfields will require huge costs and double technical efforts. Libya’s Oil Production Has Now Slumped by 700,000 bpd | OilPrice.com Libya’s crude oil production slumped by 700,000 barrels daily as of Thursday as the eastern government of the country began to shut down oil fields in an escalation of the internal political fighting that Libya has been locked in since 2011. The current production rate in the country is below 600,000 bpd at the moment, Reuters reported, citing Libya’s National Oil Corporation. Last month’s daily average stood at 1.18 million barrels daily, the report noted. Per information from petroleum engineers working in Libya’s oil patch, fields including Sharara and El Feel have been shut down and the production rate of Waha Oil Company, a NOC subsidiary, has declined to 150,000 bpd from 280,000 bpd. Exports from all of Libya’s oil ports have been suspended as well. The last loadings, on Thursday, totaled 600,000 barrels, Reuters also said.
$2.799 at Sam's Club - Last I gassed up at the same place it was .20 cents more than this. I got home and immediately looked up to see if there had been any releases from the SPR. If so, I couldn't find it. I guess those greedy only for excessive profits oil companies decided to give a gift to the US for the holiday weekend.
China slowdown in demand , record US output, increases coming in OPEC. OPEC+ likely to proceed with planned output hike from October, sources say LONDON/MOSCOW, Aug 30 (Reuters) - OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters. Eight OPEC+ members are scheduled to boost output by 180,000 barrels per day in October, as part of a plan to begin unwinding their most recent layer of output cuts of 2.2 million bpd while keeping other cuts in place until end-2025. A slowdown in demand growth, notably in China, has weighed on oil prices and prompted some analysts to doubt whether the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, will go ahead with the October increase. But the six OPEC+ sources told Reuters the plan to increase production remains in place as the loss of Libyan output tightens the market and hopes build that the U.S. Federal Reserve will cut interest rates in mid-September.
Curious, how does a proposed production increase by OPEC in October help the US market that in my case experienced a .20 cent drop in about 10 days?
I recommend everyone watching Mr. Global on TikTok who is an oil and gas expert who has worked in the industry for years. Really does a great job of explaining and going in depth as to how the whole industry works and how prices are determined and set. TikTok - Make Your Day
The US president has a magic wand that controls fuel prices worldwide. Anything beyond that knowledge is excessive and unnecessary.
So SA's prince also sees the writing on the wall that DonOLD is going down, and sees no need to try and keep oil prices high to help him.