Oil is under $100/barrel today. Hovering in the $85 range.
But it has been projected to climb, prior to the Hamas terror attacks, to over $100 per barrel. Now I am seeing some projections exceed that point by a significant margin. Into the $150/barrel range.
Can anyone tell me how NOT pumping our own oil in the USA is helping? Can anyone explain to me how hard the economics of $150 oil will be on the American middle class? Can anyone begin to explain ho the Dems/Biden can spin this as not their fault? Can anyone explain to me how the GOP will lose this argument and snatch defeat from the mouth of victory? But if gas is much more expensive, and nature gas is much more expensive, and fuel oil is much more expensive then the middle class is going to take it on the chin and pay a very high price for struggling to get by.
One of my projections, each are speculating that OIL may rise by 50% or more from the current levels.
www.zerohedge.com
FULL STORY AT ZERO HEDGE link above
But it has been projected to climb, prior to the Hamas terror attacks, to over $100 per barrel. Now I am seeing some projections exceed that point by a significant margin. Into the $150/barrel range.
Can anyone tell me how NOT pumping our own oil in the USA is helping? Can anyone explain to me how hard the economics of $150 oil will be on the American middle class? Can anyone begin to explain ho the Dems/Biden can spin this as not their fault? Can anyone explain to me how the GOP will lose this argument and snatch defeat from the mouth of victory? But if gas is much more expensive, and nature gas is much more expensive, and fuel oil is much more expensive then the middle class is going to take it on the chin and pay a very high price for struggling to get by.
One of my projections, each are speculating that OIL may rise by 50% or more from the current levels.
ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
FULL STORY AT ZERO HEDGE link above
"Oil Could Spike Well North Of $150": Here Are The Main Implications For Oil From The Israeli War
Just days after the fastest drop in the price of oil in over a year (when mere days earlier Brent almost touched $100), the oil market is facing yet another potential kneejerk shock, this time in the opposite reaction.
In response to the sudden war between Israel and Hamas which could escalate and potentially drag in states such as Iran, Goldman's commodity desk has laid out its thoughts on how the oil market may react. We excerpt the highlights below (full note available to pro subs).
As Goldman's chief commodity strategist Daan Struyven writes on Sunday afternoon, amid the elevated uncertainty and incomplete information at this early stage, there has been no impact to current global oil production, and furthermore any immediate large effect on the near-term supply-demand balance and near-term oil inventories - which tend to be the main fundamental driver of oil prices - is unlikely. Therefore, Goldman continues to forecast that the Brent oil price rises gradually from $85/bbl as of Friday to $100/bbl by June 2024. That said, the bank identifies two potential implications of Saturday’s shocking attacks that may weigh on global oil supply over time.
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