Plantagenet wrote:Oil prices and oil stocks just had their best quarter in years!
Oil is now up to $65/bbl, more then doubling off the lows. Some oil company stocks have more then doubled over the last few months. For instance, I've got some Schumberger and its more than doubled in the last few months.
crude-to-100-trader-makes-the-case-for-a-spike-in-oil-prices
We last saw $100 bbl/oil in 2014, and now some oil traders are predicting we'll see the second coming of $100/bbl oil in 6 to 12 months.
That seems reasonable to me......Oil will only need a 50% move up from here to hit $100/bbl
And the stars are aligning to take oil to $100/bbl.
Biden is exploding the deficit and the Fed is printing money like crazy----both will tend to devalue the dollar and drive the price of everything (including oil) higher.
Biden has signaled he is going to ban fracking and limit or even ban oil leasing and drilling on federal lands-------both will hurt US oil production and tend to drive the price of oil higher
Biden is going to send a giant infrastructure bill to Congress, but rumor has it the infrastruction bill will actually the green new deal. No doubt the Ds will lard it up with measures to increase the price of oil in order to make renewables more attractive.
AND
The Saudis just announced they are reigning in their own oil production-----this will tend to drive the price of oil higher.
AND
Oil exploration and development around the world has lagged for years due to low oil prices. This sets the stage for oil prices to go much higher in the year ahead.
$100/bbl oil here we come! Again!
Cheers!
Outcast_Searcher wrote:Despite your usual crying about dems, inflation remains very muted
Outcast_Searcher wrote:CONGRESS is exploding the deficit, as both sides have tended to do for decades and decades now. They tend to have different choices in spending priorities, but they all spend too much, overall. Clinton, a D, was the last POTUS to keep US budget deficits to a reasonable level, as you well know, BTW.
Outcast_Searcher wrote: I'll agree that crude oil could well head back to $100ish or so a BBL, or even higher. But that's the usual geopolitical and economic forces globally in the main, same as it ever was. We've had PLENTY of oil price spikes under both GOP and dem administrations since the 70's.
aadbrd wrote:I welcome the return of $100 oil as it would be the best possible headwind to spur on electrification of transport.
mousepad wrote:The blue government of my hopelessly blue state started a program to PAY people to MOVE here. Can you imagine?
mousepad wrote:aadbrd wrote:I welcome the return of $100 oil as it would be the best possible headwind to spur on electrification of transport.
That reminds me of 2008/9. I wrote a letter to the governor asking to embrace the opportunity and add a hefty gas tax to maintain high prices at the pump even with falling oil prices. I thought that's a no-brainer in a hopelessly blue state. But funny thing is the opposite happened. The state discussed a REDUCTION of gas taxes as to maintain LOW prices at the pump.
Me, as a hopeless conservative, proposing a hefty gas tax, while the environmental concerned blue government doing the opposite? Can you imagine?
AdamB wrote:mousepad wrote:The blue government of my hopelessly blue state started a program to PAY people to MOVE here. Can you imagine?
How much? In this world of teleworkers becoming more common, a cheap place to live where they pay you to come in looks pretty interesting compared to the high priced economic powerhouse type states.
Plantagenet wrote:I find it amusing that the IEA is saying that global gasoline demand for road transport has peaked.....
iea-says-oil-supercycle-unlikely-but-gasoline-demand-may-have-peaked
At the exact same time that gasoline prices for diesel and other kinds of gasoline are rapidly going higher because demand is increasing rapidly as the covid shutdowns end.
It looks to me like the IEA has called it wrong again........as usual.......they are totally wrong.
You can go to any gas station and see gas prices are up because demand is up.
AND thats why we're on our way to $100/bbl oil.......the IEA is wrong and oil demand is currently going UP!
Cheers!
OutcastPhilosopher wrote:The Oil price is going to collapse....down
Outcast_Searcher wrote:Plantagenet wrote:It looks to me like the IEA has called it wrong again........as usual.......they are totally wrong. You can go to any gas station and see gas prices are up because demand is up........the IEA is wrong and oil demand is currently going UP!
Cheers!
Actually, oil prices have been trending DOWN for a couple weeks now. If you're going to make claims re experts being wrong, at least check your facts well enough that a child can't easily see that you didn't bother to check your facts.
JuanP wrote:Don't be so hard on Outcast Searcher, Plantagent! He worked with computers all his life, and in the USA, where people specialize so much on theirs careers, most people are extremely ignorant of things that are not directly connected to their jobs. In my experience, even smart people with advanced degrees can be extremely ignorant of the most basic facts of life. I see this all the time.
Maybe Outcast Searcher doesn't understand the difference between oil prices and gas prices. Or, maybe, he didn't properly comprehend your post. He could also have been multitasking when he did it. I've met an awful lot of people who think that they can multitask and do two things well at the same time, when they actually can't. Also, for most people, it is much easier to find fault in others than it is to see their own defects. Outcast Searcher is constantly criticizing everyone here, even for minor things, like making a typo, but he seems completely incapable of perceiving his own limitations. I accept him for what he is; I even removed him from my foes' list.
M_B_S wrote: I^ll be back" 100$ / B
https://www.youtube.com/watch?v=WgPePk3kGZk
Here we go again!
PEAK OIL!
M_B_S
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