They raised their production increase by 50%, not their production. Big difference. The production increase was going to be about 300,000 B/D per month. It is now going to be about 650,000 B/D per month, for 2 months. This is in a world wide market of about 100,000,000 B/D. The increase is on the order of 0.5%
"Effectively, what OPEC Plus is doing is compressing three months of planned increases into two months." https://www.nytimes.com/2022/06/02/business/opec-oil-saudi.htmlAgree with it? Disagree?
when it doesn't mention anything that Biden has done to exacerbate gas prices, starting at day one with his executive orders attacking the energy market. You have to be pretty stupid to swallow this load of malarky. Finally, to answer your question, I disagree. Lol
Clear to me, u didn't even read the article. But whatever, agree to disagree.
One of the experts quoted:
I disagree with the framing that minimizes the impact of federal regulations and Biden’s policies hostile to fossil fuels contributed to the record prices.
-- Modified on 6/1/2022 1:17:18 PM
No corresponding drop in oil prices but we'll see.
are not automatically connected. OPEC sees an opportunity to unload oil at even higher prices than today, but they have to have the supplies above ground and ready to ship. Wait for the price-gouging to come. Each day in May set a new record for gas prices in the US. Not surprised OPEC wants in on the action.
OPEC's production announcements have always driven the oil markets. Just ask your pal, GaGa.
by whether the price of gas goes up or down in the new few months. I'm betting OPEC wants to get as high a price as they can for their oil. I don't see how it will push prices down.
includes the law of Supply and Demand.
Also, you don't just make more money with higher prices. You also make it with greater volume.
Duh.
If US demand goes down in response to the higher prices, it could be a precursor to more negative growth of the economy and stagflation.
They raised their production increase by 50%, not their production. Big difference. The production increase was going to be about 300,000 B/D per month. It is now going to be about 650,000 B/D per month, for 2 months. This is in a world wide market of about 100,000,000 B/D. The increase is on the order of 0.5%
"Effectively, what OPEC Plus is doing is compressing three months of planned increases into two months."
https://www.nytimes.com/2022/06/02/business/opec-oil-saudi.html
Totally agree. Good article.
A couple of points. US gasoline demand is not that strong. While higher than 2020 and 2021, it is less than 2019. Left unmentioned are fees which have been increased. The Renewable Volume Obligation adds about 20 cents per gallon to cost vs say 10 years ago. Californias Climate Change programs add about 35 cents per gallon to California prices (California demand is about 10% of U.S. demand). Various states, including California have increased taxes over the years.
Biden and the Ds sent a clear message that in their mind (and they have control) the future is not petroleum based fuels. Refiners and producers lost their shirts in 2020 so some of them decided to close or convert to biofuel production. So decent demand, less production and prices start to go up (as they did in 2021). Take some Russian supply off the market and things explode in 2022. I think some new refineries overseas will be starting up in 2023 so that may help some. But the crude oil production problem will persist.
And many of those factors are out of the hands of any US President. But let's get real here. The Democrats know that their major liability going into the election is inflation. Nothing makes people more aware of inflation than paying for $5.00 a gallon gas at the pump. So what are the Democrats and their media lackys doing? Finding anyone to blame for the problem except for Biden. But they're lying about it and everyone knows it. Democrats have done just about everything they possibly can to raise gas prices sky high in order to financially pressure Americans to buy more electric vehicles. They want this to happen because 1) they believe in this climate change nonsense and 2) because if all vehicles are electric, then the government has greater control over the American People when they can just flip a switch remotely and your car won't work. That's what this is ultimately about.
Your posts continue to demonstrate paranoid and delusional thinking. Democrats are not raising gas prices, nor are they interested in doing so. It's economics 101 - supply and demand due to reduced oil & gas production and exacerbated by the embargo on Russian oil & gas, plus the greed of the oil & gas industry to maximize profits. Dems believe that climate change is real, man-made, and warming the planet. Also Dems believe the world needs to move faster to cleaner electric vehicles and renewable sources of energy. Thinking the government will "flip a switch remotely and your car won't work" is insane.
I would have said the same thing if you told me the government could freeze your bank account for protesting, but that's what happened. I would have said you're insane if you think the government could order you not to leave your house for 2 years, but it happened. The problem with gasoline is that it allows everyone freedom of movement. The government would like to have the power to take that away from people. Didn't vote Democrat? Walk to work.
Democrats continually lie about gas prices. They want to blame Putin for everything. But gas prices were already sky high before the Ukrainian invasion. I was paying $2.42 a gallon on Trump's last day in office. Within a month of Biden coming into office, the price had jumped significantly. Furthermore, in states where Democrats are in control, the prices are the highest. The more blue your state is, the higher the gas prices will be.
Who's bank account was frozen for protesting or are you referring to the criminal insurrectists who attacked the Capitol in an attempt to prevent the peaceful transition of power? Show us the government order that prevented people from leaving their homes or are you referring to common sense public health measures to curb the spread of a deadly virus? Your continued extreme exaggeration is ridiculous.
The reasons for gas pricing has been explained to many times but you refuse to understand. I can't help you understand.
$125.00 to fill my tank for the first time. Pump price for premium was $7.00/gal. This is what happens when the Saudi's are getting in on the price-gouging.