cancel2 2022
Canceled
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Some forecasters believe $100 a barrel oil is on the horizon in 6 to 12 months. President Biden wants to electrify transportation and he may get his wish, as $100 a barrel oil may push buyers toward electric vehicles sooner than expected, adding to the momentum created by the bans that some states and countries have suggested on gasoline and diesel vehicle sales. California and the United Kingdom, for example, will ban sales petroleum-fueled vehicles beginning in 2035 and 2030, respectively. The world, however, has not seen $100 a barrel oil since mid-2014 when that oil price pushed gasoline prices toward $4 a gallon in the U.S.
Hydraulic fracturing and horizontal drilling at shale basins in the United States brought a renaissance to oil drilling, and oil prices plunged to about $30 a barrel in January 2016. Since OPEC found it could not control the market with the U.S. oil shale boom, Saudi Arabia reached out to Russia and other non-OPEC producers to form the OPEC+ group to take back control of global oil markets. That didn’t work until the coronavirus pandemic hit reducing oil demand and oil production. Now Joe Biden has become president and is doing all he can to put a damper on U.S. oil production giving OPEC+ free rein to control global prices.
https://www.instituteforenergyresea...iden-may-get-his-wish-100-oil-on-the-horizon/
Some forecasters believe $100 a barrel oil is on the horizon in 6 to 12 months. President Biden wants to electrify transportation and he may get his wish, as $100 a barrel oil may push buyers toward electric vehicles sooner than expected, adding to the momentum created by the bans that some states and countries have suggested on gasoline and diesel vehicle sales. California and the United Kingdom, for example, will ban sales petroleum-fueled vehicles beginning in 2035 and 2030, respectively. The world, however, has not seen $100 a barrel oil since mid-2014 when that oil price pushed gasoline prices toward $4 a gallon in the U.S.
Hydraulic fracturing and horizontal drilling at shale basins in the United States brought a renaissance to oil drilling, and oil prices plunged to about $30 a barrel in January 2016. Since OPEC found it could not control the market with the U.S. oil shale boom, Saudi Arabia reached out to Russia and other non-OPEC producers to form the OPEC+ group to take back control of global oil markets. That didn’t work until the coronavirus pandemic hit reducing oil demand and oil production. Now Joe Biden has become president and is doing all he can to put a damper on U.S. oil production giving OPEC+ free rein to control global prices.
https://www.instituteforenergyresea...iden-may-get-his-wish-100-oil-on-the-horizon/