CNBC: U.S. crude oil briefly tops $130 a barrel, a 13-year high on possible Western ban of Russian oil
U.S. crude oil surged more than 7% in Sunday evening trade as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.
West Texas Intermediate crude futures, the U.S. oil benchmark, traded 7.34% higher to $124.17 per barrel. At one point the price rose to $130.50 Sunday evening, its highest since July 2008, before retreating.
The international benchmark, Brent crude, spiked 8.54% higher to $128.20. Brent hit a high of $139.13 at one point overnight, also its highest since July 2008.
“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.”
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WNU editor: What a difference a few months make. Last year President Biden black-listed Crown Prince Mohammed bin Salman for the murder of Washington Post columnist Jamal Khashoggi. Now he is going to beg the same Crown Prince to pump more oil to save the US economy from entering what is now almost certainly a recession, and the Democrat Party's prospects in this year's mid-term elections .... Scoop: Biden advisers weigh Saudi Arabia trip for more oil (Axios).
And as for made in America solutions. No word yet on whether the Biden administration will reverse their decision to stop the Keystone XL pipeline and the 850,000 barrels of oil that it could ship from Canadian fields in Alberta everyday.
Oil Prices Explode On Possible Western Ban Of Russian Oil
Oil prices close to $140 per barrel as US, Europe mull Russian crude ban -- UpStream
Oil prices soar 10% and stocks plunge as US and Europe consider ban on Russian crude -- The Guardian
Stocks sink while oil soars after US and allies consider banning Russian oil -- CNN
Stocks plunge, oil rockets, gold tops $2,000 on Ukraine fears -- AFP
13 comments:
The Saudis have no interest in helping Joe Biden. Biden was among the loudest mouths shrieking fake outrage over the Khashoggi murder. Salman has now decided to screw him and our country over.
Instituting the "Khashoggi Ban" - visa restrictions on 76 Saudi nationals and their families. (right after hobbling US oil production)
Now Biden has put the country in the humiliating position of kissing Saudi ass, begging them to increase production that he canceled.
With oil bumping up to $140 bbl, why would the Saudis feel any need to reduce their flow of fresh new wealth?
(courtesy of the tenant idiot in the White House)
Eventually hes gonna have no choice. Far be it from him to do it early, and get some points for it though.
The way advertising and marketing goes Joe could wait until late August to reverse Keystone XL and then loudly claim credit and the MSM will help him the with the propaganda.
At some point the trucker protests will go nationwide and people will have the flu. There will be a sickout. Production will dip. Miles driven might go down significantly, but the commuting blue collar worker will still be squeezed.
Since many white collar workers are working from home, the Democrats might not feel much of an onus to lower price at the pump except ineffectually draining the strategic petroleum reserve to the last drop.
Clinton did it ahead of the 2000 election. Obama did it. Biden is doing it now. The Biden White House is full of warmed-over, B-team Obama staffers in slightly different positions.
"Bill Clinton’s Use of Oil Reserves Did Little to Fight High Prices" - Bloomberg
"As energy prices became a hot issue in the 2000 U.S. presidential campaign, then-vice president and candidate Al Gore urged Clinton to use the government’s stockpiles after crude prices in New York hit a 10-year high of more than $37 a barrel."
"The Obama administration said Thursday it has approved the largest ever release of oil from the U.S. Strategic Petroleum Reserve to boost the global economic recovery hampered by rising gas prices...."
https://www.cbsnews.com/news/obama-on-the-strategic-oil-reserve-a-history/
Note how the energy.gov website chart does not show the Clinton 2000 drawdown. Magic happens and the bureaucracy is not politicized.
https://www.energy.gov/articles/history-strategic-petroleum-reserve
When I saw the comment total go form 4 to 5, I knew it would be you based on the earlier comments.
Gas prices are gig up. The price per barrel is a leading indicator. You cannot refute it, so all you can do is comment "LOSERS ALL BITCHING"
I do not expect you to know or care what a leading indicator is. Why should you, you have more years education in your little pinky than your average college grad.
Netherlip. Such a put down! You need 18 years of education to come up with that one LOL! Most Tolkien fans would know it with out having to leaf through a dictionary.
The truckers are not wasting gas. They are spending money on a protest. The protest won't convince TPTB, but it will convince the other side.
So suck on it.
The decision to black list this murderer was the right one
Just as leaving Afghanistan was the right decision
What was not right was
a) To sabotage the energy supply of the United States under the pretext of "climate change" and then to import energy from Russia which is a geopolitical nightmare now and on top made - if you believe in man made climate change (no one is arguing that climate is changing and has always been changing); oil gas and coal from Russia is by the way 10x more dirty than when produced in the US, so it was a double whammy and I do not believe these people are that incompetent, but act rather treasonous and should be dealt with accordingly
b) Same with Afghanistan.. no one argues it shouldn't be withdrawn from.. but how it was done, how it damaged the geopolitical stance (and invited more conflict) for the US is again not incompetence, but reeks of treason. Again, should be dealt with accordingly
Once this globalist cabal, Biden, Schwab, Trudeau etc have been arrested, I hope we can all push for capital punishment and swift executions so that people realize this behaviours - this plundering of public treasure in the trillions, the destruction and enslavement of the middle class, will not fly.
We will live free of these monsters.
hell is now open 4 u
sinfull fun
all presidents welcome
and voting slaves
So some PhD lost and argument and started writing drivel 10:11 and 10:12 X2
Hunter
It's just user Kidd. Mentally stunted child who says random things over and over.
Hey Kidd. How's life?
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