re: Oil just hit $88 per barrel....

Never is a long time as it was high 2 years ago during Biden. Are you under the impression an Iran with nuclear weapons would not have continued the terrorist strategy or threaten their neighbors? The same ones they already have without a nuclear weapon? The closure of travel lanes to anyone that doesn’t agree to bribes ? You have watched administration after administration kick this can and now someone finally says no we are going to send you to the Stone Age if you continue to be a menace

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aubie101

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Also in oil news:

David Blackmon
@EnergyAbsurdity

Big Moves in Venezuela: Chevron & Shell Ink Major Oil & Gas Deals as the Country Rebuilds Post-Maduro

Say, remember all those Trump critics claiming Big Oil would never want to invest in the post-Maduro Venezuela? I know it's shocking, but, well, those critics were wrong.

In a big step for Venezuela’s energy sector, @Chevron has signed two key agreements to expand its footprint in the Orinoco Belt, while @Shell prepares to finalize a separate gas deal. These moves come after the U.S.-backed $100 billion reconstruction plan, Maduro’s removal, and sweeping reforms to Venezuela’s oil law earlier this year.

Here are the highlights:

• Chevron’s Strategic Asset Swap: The U.S. major is relinquishing two gas blocks (including the coveted Loran offshore field with 7.3 Tcf) and a small western oil project, while gaining the Ayacucho 8 heavy crude area to add to its Petropiar project, allowing sharper focus on high-value heavy oil.

• Stake Increase in Key JV: Chevron boosted its ownership in the Petroindependencia joint venture with PDVSA from 35.8% to 49%, strengthening its position in the Orinoco Belt.

• Current Production Baseline: Chevron’s existing JVs with PDVSA are already producing ~260,000 barrels per day, roughly 25% of Venezuela’s total crude output.

• Growth Outlook: Executives see potential for a ~50% increase in Chevron’s Venezuelan output over the next two years within its footprint.

• Shell’s Upcoming Deal: Shell is set to sign later this week for development of the Loran gas field as a unified project with its Manatee field (extending into Trinidad & Tobago waters), advancing natural gas opportunities.

Signed in Caracas in the presence of interim President Delcy Rodríguez, the deals were described by Chevron as “mutually beneficial” to consolidate focus on strategic assets. Rodríguez noted they will help “increase output and secure revenue for the benefit of the people.”

These agreements signal accelerating foreign investment and production growth in Venezuela as sanctions ease and reforms take hold. It’s a win for U.S. energy companies positioning themselves in a recovering oil powerhouse.

Why, it's almost as if President Trump, Energy Secretary Chris Wright, Sec. State Marco Rubio, and Interior Sec. Doug Burgum know what they're doing. Go figure.

Which widget hit $88? WTI widget is at $92, Mars, a platform off LA, is at $125.

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Which widget hit $88?

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Just NYMEX CLW00.

It’s becoming clear to the world Iran no longer can do anything about the Strait of Hormuz beyond empty threats

I think the worst is over and things should trend back towards normal over the next couple months

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But the Strait is blockaded! It's going to top +$200 per barrel, blah blah blah....

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The S&P 500 closed only 35 points short of its all-time record.

Well, I was told a while back that 95% of the American people are incredibly stupid.

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It's $94.89 a barrel. Up nearly $30 a barrel in the last 60 days.

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Stop melting bitch

Key Today's Stats (May 2026 Contract):

Current Price: ~$88.79 - $91.35 per barrel

Daily Change: Down roughly 4% - 7%

Day's Range: $88.01 - $92.66

Previous Close: $99.08 - $99.09