berg80
Diamond Member
- Oct 28, 2017
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Oil industry warns Trump administration of price spikes within weeks
The oil industry is warning the Trump administration that a Hormuz-sized hole in the world’s petroleum market is steadily draining inventories to levels that are likely to send global energy prices surging in the next several weeks, according to four executives.Industry executives have flagged the issue to senior White House officials and Cabinet members in recent weeks as part of the Trump administration’s ongoing dialogue with the U.S. energy industry, the people said. The warnings came as recently as late last month as data from the U.S. Energy Information Administration and other sources began showing that fuel makers were increasingly relying on oil and fuel from their storage tanks to replace products no longer arriving from the Middle East.
A premonition is defined as a strong intuitive feeling, hunch, or forewarning that an event—often something unpleasant or harmful—is about to occur in the future. The warning from oil company exec's isn't that. Their warning is based on the dwindling physical supply of oil reserves world wide.
I saw an interview with an oil trader who explained there will be a point, if nothing changes, when the price of gas doesn't go up incrementally from $4.50 to $4.65. It will jump to $5.50 and quickly to $6.50 as global oil buyers are forced to pay up for what little supply there is.
Right about now it would be helpful if the prez gave a darn about the price of gas or that Iran claimed to have withdrawn from negotiations over ending the conflict and opening the Strait.
