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Started By
Message
Get ready for $5-a-gallon gasoline
Posted on 4/9/24 at 8:28 am
Posted on 4/9/24 at 8:28 am
LINK
quote:
The oil-price gains are the products of four forces:
Middle East tensions. Iran and others are threatening a number of retaliatory measures, possibly shutting down the Strait of Hormuz in the Persian Gulf to tankers heading out out to Europe and elsewhere. Iran's interest is retaliation against Israel and the U.S. after an Israeli attack on Iran's embassy in Damascus, Syria, killed two Iranian generals.
Global supply disruptions. Russian oil refineries have been hit by Ukrainian drone attacks. Houthi attacks on ships moving in and out of the Red Sea have slowed shipping generally and oil shipments in particular to Europe and Asia. In some cases, shipping companies have routed their vessels all the way around Africa.
OPEC and friends want higher prices. Members of the Organization of Petroleum Exporting Countries and the OPEC+ countries are trimming output to push prices higher. They will probably leave production cuts in place when the cartel meets in June.
More demand for gasoline and other products. Increased demand reflects continued economic growth in the Americas and more demand in both Europe and China, says Tom Kloza, global head of energy analysis at Oil Price Information Service.
Blocking the Strait of Hormuz: 'A show stopper'
Closing down the Strait of Hormuz would cause crude oil prices to jump by $40 a barrel, Robert McNally, founder of Rapidan Energy Group, has said in multiple interviews in the last week. "It would be a show stopper," he told Bloomberg.
That's show stopper as in recession. How severe is anyone's guess.
The big question is whether Iran and Hezbollah, the Iran-backed group, really want to do something that would hurt not just Israel and the U.S. but everyone in the Persian Gulf region.
Posted on 4/9/24 at 8:37 am to LSUDVM1999
Inflation will only get worse while the potato is in office.
Posted on 4/9/24 at 8:41 am to LSUDVM1999
Need to get some more Biden stickers for the pumps!
Posted on 4/9/24 at 9:16 am to LSUDVM1999
The article doesn't appear to mention the current US administration's energy policies and their contribution to rising gas prices.
Almost like they dont want you to remember or something.
Almost like they dont want you to remember or something.
Posted on 4/9/24 at 9:59 am to LSUDVM1999
We are already there in Washington. Highest gas prices in the country.
Jay Inslee's climate bullshite made gas go up $0.70/gallon the second it was signed.
The ONLY thing preventing a mass exodus right now is the fact that there is no state income tax.
Jay Inslee's climate bullshite made gas go up $0.70/gallon the second it was signed.
The ONLY thing preventing a mass exodus right now is the fact that there is no state income tax.
This post was edited on 4/9/24 at 10:00 am
Posted on 4/9/24 at 10:15 am to LSUDVM1999
It is going up...I paid $2.85 at my local gas station yesterday...up about $0.16 in the last 2 weeks.
Posted on 4/9/24 at 10:18 am to LSUDVM1999
The problem at this point is that Americans are so fricking stupid economically that nearly half of them believe the shite caused by Democrats is just businesses being greedy. So they demand MORE of the cause!!!
Posted on 4/9/24 at 10:28 am to LSUDVM1999
quote:
OPEC and friends want higher prices. Members of the Organization of Petroleum Exporting Countries and the OPEC+ countries are trimming output to push prices higher. They will probably leave production cuts in place when the cartel meets in June.
This is the primary driver - OPEC curtailments, which were first implemented to get the price up from the low $70s.
Posted on 4/9/24 at 10:45 am to LSUDVM1999
$5.49 for regular unleaded in California on the way to work.
Posted on 4/9/24 at 11:50 am to LSUDVM1999
quote:
Iran and others are threatening a number of retaliatory measures, possibly shutting down the Strait of Hormuz in the Persian Gulf to tankers heading out out to Europe and elsewhere.
The Iranian navy would get their aquatic shite pushed in.
Posted on 4/9/24 at 12:01 pm to LSUDVM1999
nearly 2.0MM barrels of refining capacity have permanently come offline during past 3 yrs, so higher fuel prices are pretty much institutionalized until more is built, and not at all likely with existing administration. No CEO in the world would invest in new greenfield capacity during the past few years or they would be fired by the board. Stockholders demand nearly 40% hurdle rate for capital projects or they want dividends and buybacks. There is carte blanch refusal to spend capital in Cali btw so no relief coming for them.
Posted on 4/9/24 at 12:19 pm to LSUDVM1999
Here's hoping it does and stays there through election day. Only way some of these retards are going to understand is pain.
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