Althea
Althea told me...
trump tried to achieve that, but was kicked out of office first.
Gas up to 4.69 in my area today
- Thread starter Stone
- Start date
cancel2 2022
Canceled
That's what I love about you whilst others are doubtful and indeed fearful for the economy you, with your usual bragadoccio, airily dismiss all concerns. As you are so fond of gravedigging old posts maybe you ought to be far more circumspect lest somebody does the same to you, but then that wouldn't be you would it?
Portfolio manager Eric Nuttall sees oil returning to $100 per barrel in 2023.
The end of coordinated SPR releases, the gradual reopening of the Chinese economy and sanctions on Russian crude could lift oil prices in 2023.
Bank of America predicted that Brent could quickly go past $90 per barrel on the back of a dovish pivot in the U.S. Federal Reserve.
https://oilprice.com/Energy/Oil-Prices/100-Oil-To-Return-In-2023.html
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Life is Golden
The Sage
Say it ain't so. I was hoping this was the new trend....
cancel2 2022
Canceled
Sadly it would seem that way, certainly not good news.
Althea
Althea told me...
Price of oil has nothing to do with supply/demand. It has to do with futures traders looking for earnings coupled with oil investors demanding dividends.
When China opens up it might create more demand, because American drillers are refusing to produce oil.
When S.Arabia stated that they will be cutting production a couple of months ago, oil spiked for no reason.
I believe it was Flash who correctly stated that oil prices should not go up because there was an oil glut.
After the market raped us for a month...he was absolutely correct.
cancel2 2022
Canceled
There haven't been any new refineries built in the last 20 years, indeed many have been shut down. There is just no incentive to build new ones.
In my area many of the refineries have been expanding--cheaper than building new ones. That includes chemical plants and LNG facilities. This has been occurring for many years--some doubling their size. ExxonMobil will expand by 250,000 barrels per day (65%).
Weekly oil production has been steadily increasing following the decline during the pandemic due to decreased demand.
December 2020: 11,100 (thousands barrels per day)
December 2021: 11,700
December 2022: 12,200
I paid $2.50 for regular unleaded today.
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Life is Golden
The Sage
Does anyone know what's happening with natural gas?
I think it went up 17% around here. It was down almost to where it was 30 years ago, but since the "war on fracking," it's gone back up.
Life is Golden
The Sage
It had gone up here and the light bills for the summer months were over the top. At least that was the excuse of the electric company. I was hoping it had gone down.
ExpressLane
Verified User
Yep
ExpressLane
Verified User
war on fracking
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You don't have a 401k, stop lying.
Natural gas is unprofitable because it costs more to extract it than anyone gets back in sales revenue.
That's why hundreds of Natural Gas companies have gone bankrupt.
In fact 70 Natural gas companies filed for bankruptcy in 2016, and the average since has been about 40 bankruptcy filings per year.
The amount of debt in natural gas bankruptcy in 2016 alone was nearly $57B.
Gas is $2.69. W00t!
Let's Go Brandon!!!!
Let's Go Brandon!!!!
Mr.Badguy
Super lefty
Perhaps we should invest in our infrastructure (now where have I heard that word before) to make sure it's less likely to happen?
Refineries are corporate. They have closed many of them in the last 20 years. Creating shortages increases profits and you do less work.
Gas is $2.69. W00t!
Let's Go Brandon!!!!
Holy cow, that's cheap!