I Wondered If Oil Would Finally Jump In Price

[gab13by13]

Ukraine has been destroying Russian pipelines, oil tankers, refineries, oil depots, and gasoline has been dropping in central Pa.

I wanted to see the effect of Krasnov's act of war, his blockade of Venezuelan oil tankers out of Venezuela. Well finally I see something that makes a little sense, the price of oil just rose 1%, maybe an all-out war will raise it another 1%?

I understand all about the record supply but I also recall history under a Democratic president when even the mention of a squabble of war in the ME would skyrocket the price of oil. I remember when refineries did their change over blends, or plant maintenance, the price of oil would skyrocket. Our refineries are all finished with that and I didn't see a change.

Maybe Krasnov just makes me paranoid but a big jump in the price of oil will skyrocket inflation.

[Lovie777]

1. We are slipping and sliding into if not already there...................

recession...............depression.....................

and the republican party refuse to stop it.

[Bmoboy]

2. Big Oil is facing execution

They are rats trapped in a corner and doing anything they can to survive.

Any losses can be written off. The renewed tax cuts will keep the money flowing for the short run. Raising oil prices will lead to inflation and endanger their protector, Trump.

Any sane government would move away from fossil fuels, but not this one.

[bearsfootball516]

3. We're also in the middle of winter right now.

This is traditionally the low point of gas prices during the year.

[genxlib]

4. To some degree times have changed

Back then, oil was seen as a commodity to be rationed out in limited quantities to keep prices high. There was plenty of future value in keeping it in the ground while removing just enough to feed the beast at artificially constrained pricing.

Now, I think the oil producing nations see that the world wants to shift away from fossil fuels so there is more of an impetus to sell while they can.

That is not to say that the disruptions won't cause issues. But I am not sure that OPEC has the kind of stranglehold on limiting supplies that they used to have.