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Oil is up nearly 70% since the election, a record in the modern era
Posted on 2/27/21 at 5:38 pm
Posted on 2/27/21 at 5:38 pm
quote:
The oil market is starting the Biden era with a bang. And that means Covid-weary Americans returning to the roads this spring and summer will be greeted with higher prices at the pump.
US oil prices have skyrocketed 69% since November's election based on Thursday's close at $63.50 a barrel.
That's easily the biggest post-election gain through this point in the presidential cycle since NYMEX oil futures began trading in 1983, according to a CNN Business analysis. The next closest post-election rally occurred when crude jumped 31% after President George H.W. Bush's victory in 1988.
CNN LINK
21
Posted on 2/27/21 at 5:39 pm to fatboydave
Unhinged MidEast warmongering tends to do that.
Posted on 2/27/21 at 5:42 pm to fatboydave
in before "muh was gonna happen anyway"
Posted on 2/27/21 at 5:42 pm to fatboydave
Great for all the banks too that are heavily invested in the O&G industry.
Posted on 2/27/21 at 5:45 pm to fatboydave
Not a word from our resident proggies.
Posted on 2/27/21 at 5:51 pm to fatboydave
War is good for the MIC business.
More boots on the ground in the ME soon. Book it.
More boots on the ground in the ME soon. Book it.
This post was edited on 2/27/21 at 5:52 pm
Posted on 2/27/21 at 5:56 pm to PUB
quote:
Great for all the banks too that are heavily invested in the O&G industry.
Good for anybody invested in oil and gas.
Ironic that when libs are in charge, oil and guns make enormous market gains.
Posted on 2/27/21 at 5:57 pm to fatboydave
Well when you shut down our own pipeline then back that of another country, this was inevitable.
Posted on 2/27/21 at 5:58 pm to fatboydave
Keystone cutoff and depletion of reserves should have gas up around $4 a gallon but years end.
Posted on 2/27/21 at 6:14 pm to fatboydave
Valero is cutting production this week. you have been forewarned, gas prices gona jump hard and supply gona drop
Posted on 2/27/21 at 6:43 pm to Zahrim
It's a commodity. Regulate it and prices go up.
Posted on 2/27/21 at 7:41 pm to Zahrim
quote:
Valero is cutting production this week. you have been forewarned, gas prices gona jump hard and supply gona drop
Why would Valero cut production if gas prices are increasing? That would cost them money. Would you or someone mind explaining this further?
Posted on 2/27/21 at 7:55 pm to fatboydave
quote:
The next closest post-election rally
Rally? Really?
Posted on 2/27/21 at 7:57 pm to fatboydave
quote:
Oil is up nearly 70% since the election, a record in the modern era
Hold on to your wallet. 120 dollars a barrel is right around the corner.
Posted on 2/27/21 at 7:59 pm to fatboydave
Oil prices are driven by speculation and supply.
Regulations and war-mongering can both shorten supply and make speculators go crazy
Regulations and war-mongering can both shorten supply and make speculators go crazy
Posted on 2/27/21 at 9:12 pm to omegaman66
Hello new offshore boat
Posted on 2/27/21 at 9:27 pm to fatboydave
Just goes to show you that Dims side with Big Oil against the American people.
Posted on 2/27/21 at 9:38 pm to fatboydave
quote:
The monster gains in the energy market are not about politics or even policy. Rather, they underscore a growing sense that the worst of the deadly pandemic is in the rearview mirror -- and the US economy is poised to roar back to life. Wall Street, backed by easy money from the Federal Reserve, is making a massive bet that Americans' thirst for oil will rise dramatically.
This is the dumbest take CNN could have possibly come up with. This would only make sense if gas was $2.70 a gallon prior to the worldwide overreaction to COVID. ETA: 2019 closed with average gas prices at $2.09. LINK
This post was edited on 2/27/21 at 9:43 pm
Posted on 2/27/21 at 9:41 pm to AndyCBR
quote:
War is good for the MIC business.
More boots on the ground in the ME soon. Book it.
Sadly you are 100% correct.
Posted on 2/27/21 at 9:49 pm to tenderfoot tigah
quote:
Why would Valero cut production if gas prices are increasing? That would cost them money. Would you or someone mind explaining this further?
Likely for plant shutdown/turnaround to switch to "summer blend" fuel blend.
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