Oil Price Plunging. Thanks Biden!

[Jim H - VA USA]

WTI crude futures erased early gains to fall towards $66 a barrel on Friday, after rising as much as 2% to above $68 tracking a sentiment of risk-off that took hold in markets. Early, a more bullish oil market was sustained by OPEC+ remarks, saying that are ready to quickly adjust output plans if demand suffered from measures to contain the Omicron variant. In the previous session, OPEC+ surprised markets when it stuck to plans to add 400,000 bpd supply in January, seen by analysts as a move meant to appease Washington. US deputy energy secretary David Turk previously said President Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially. Meanwhile, the producers have since calmed markets, saying they would meet again before their next scheduled meeting on Jan. 4, if needed, to review supply additions in light of virus-related developments. WTI crude is on track for its sixth weekly decline.​

Crude Oil - Price - Chart - Historical Data - News

Crude Oil increased 15.13 USD/BBL or 21.11% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on April of 2024.

tradingeconomics.com

Oil settles down $10/bbl in largest daily drop since April 2020


Go Joe Brandon!

Price is dropping because the governments are implementing new tyrannical travel restrictions and lockdowns and such.

This is not good news.

PS:

 

[Harpy Eagle]

Price is dropping because the governments are implementing new tyrannical travel restrictions and lockdowns and such.

This is not good news.

Why not?

You Trump worshipers have been bragging about Trump's low gas prices that were the result of the country being locked down in 2020 ever since Biden took office.

 

[Weatherman2020]

Oil production doubled because of fracking, eh?

And for months you claimed he did. Dang you are dumb.

I never claimed otherwise, now tell us why you LIED

 

[LeftofLeft]

We still import 8 million barrels per day.

Would love to get to the point where we import at a level per day that tells the rest of the world to eat cake.

 

[bripat9643]

Of course not.. The thing that drives oil production is the high price per barrel. Do you understand that yet?

Deliberately cutting off the supply is what made the price go up, moron.

 

[bripat9643]

Nope they are full of oil being shipped TO the US just like they always have been. There is not one period in the last 50 plus years where the US did not import oil

You're playing word games. There was a period when net imports were zero. We imported some oil, but we exported more than we imported.

 

[bripat9643]

I know.. These idiots have no interest in the facts or the oil business.. They listen to Trump.. Its absolutely amazing how they can be so lazy.

As if you knew anything called "facts."

 

[surada]

Deliberately cutting off the supply is what made the price go up, moron.

LOLOL.. You're hopeless. Biden didn't cut off any oil supply.

 

[bripat9643]

LOLOL.. You're hopeless. Biden didn't cut off any oil supply.

He sure as hell did, moron.

 

[Fort Fun Indiana]

I never claimed otherwise, now tell us why you LIED

You are incoherently babbling. Nobody knows what you are trying to say.

 

[surada]

You're playing word games. There was a period when net imports were zero. We imported some oil, but we exported more than we imported.

In 2020 we imported 5 million bpd and exported 2.5 million bpd. We usually import 8 million bpd and export 3.5 million bpd.

Imports haave NEVER been zero in the past 60 years.

 

[bripat9643]

In 2020 we importe 5 million bpd and exported 2.5 million bp. We usually import 8 million bpd and export 3.5 million bpd.

Imports haave NEVER been zero in the past 60 years.

I already explained why your statement is meaningless and a diversion.

I didn't say imports were zero. I said net imports are zero, and your figures are horseshit.

 

[surada]

I already explained why your statement is meaningless and a diversion.

I didn't say imports were zero. I said net imports are zero, and your figures are horseshit.

LOLOL.. You don't know anything about the oil business.. Trump doesn't either.. Carry on.

 

[bripat9643]

LOLOL.. You don't know anything about the oil business.. Trump doesn't either.. Carry on.

My father was a petroleum geologist and the director of exploration at Phillips Petroleum, you fucking moron.

 

[bripat9643]

Let’s talk with him and not his embarrassing disappointment.

ROFL! That's the best you can do when someone proves you're a jackass?

 

[Dragonlady]

let me know when gas prices get back to pre-xiden numbers

Why. When gas prices went up by $1 a gallon after Trump took office, you didn't go bat shit crazy then. Why now?

 

[Dragonlady]

ROFL! That's the best you can do when someone proves you're a jackass?

You've never proven a single thing in all the years I've been here, other than you'll believe anything the Republican leadership tells you.

 

[JusticeHammer]

Why. When gas prices went up by $1 a gallon after Trump took office, you didn't go bat shit crazy then. Why now?

Why. When gas prices went up by $1 a gallon after Trump took office, you didn't go bat shit crazy then. Why now?

Liar! Gas never increased more than a dollar under Trump in his whole four years. Unlike the idiot biden. Yes, I researched it.

Weekly U.S. Regular All Formulations Retail Gasoline Prices (Dollars per Gallon)

 

[Juicin]

WTI crude futures erased early gains to fall towards $66 a barrel on Friday, after rising as much as 2% to above $68 tracking a sentiment of risk-off that took hold in markets. Early, a more bullish oil market was sustained by OPEC+ remarks, saying that are ready to quickly adjust output plans if demand suffered from measures to contain the Omicron variant. In the previous session, OPEC+ surprised markets when it stuck to plans to add 400,000 bpd supply in January, seen by analysts as a move meant to appease Washington. US deputy energy secretary David Turk previously said President Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially. Meanwhile, the producers have since calmed markets, saying they would meet again before their next scheduled meeting on Jan. 4, if needed, to review supply additions in light of virus-related developments. WTI crude is on track for its sixth weekly decline.​

Crude Oil - Price - Chart - Historical Data - News

Crude Oil increased 15.13 USD/BBL or 21.11% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on April of 2024.

tradingeconomics.com

Oil settles down $10/bbl in largest daily drop since April 2020


Go Joe Brandon!

I wonder what old joe promised the arabs

 

[AzogtheDefiler]

Why not?

You Trump worshipers have been bragging about Trump's low gas prices that were the result of the country being locked down in 2020 ever since Biden took office.

Nope they compare 2019 pre COVID to now.