$7/gallon gas is coming

[Anonymous]

The victory laps are a bit premature.

Oil prices are collapsing not because additional supply has been brought online.

Oil markets are very funky right now. Markets are observing lower demand (leading indicator of recession), and Russia seems to have rushed all the supply it possibly could ahead of the EU price cap (not sustainable).

To the upside of prices, China seems to be serious about reopening which may add significant global incremental demand.

Oil is still in structural deficit, and the nature of oil production means the problem will get worse absent: replacement of oil as an energy source and more investment in developing reserves.

Many pages back I said that the SPR play was putting the problem off into late 2023 and into 2024. I felt like the admin was putting the 2024 election in play in order to try to win the 2022 midterms. I know this inidstry and I stand behind that assessment.

[Anonymous]

The SPR isn’t a problem, it’s a political talking point, and the risk of global recession is de minimis according to virtually every economic indicator absent a COVID meltdown in China. China and India will try to moderate Putin by purchasing Russian oil at a significant discount. Meanwhile the US is looking to open markets to Venezuela. We are through hurricane season but have refining capacity needs for the next 20 years.

[Anonymous]

Anonymous wrote:The victory laps are a bit premature.

Oil prices are collapsing not because additional supply has been brought online.

Oil markets are very funky right now. Markets are observing lower demand (leading indicator of recession), and Russia seems to have rushed all the supply it possibly could ahead of the EU price cap (not sustainable).

To the upside of prices, China seems to be serious about reopening which may add significant global incremental demand.

Oil is still in structural deficit, and the nature of oil production means the problem will get worse absent: replacement of oil as an energy source and more investment in developing reserves.

Many pages back I said that the SPR play was putting the problem off into late 2023 and into 2024. I felt like the admin was putting the 2024 election in play in order to try to win the 2022 midterms. I know this inidstry and I stand behind that assessment.

I mean eventually oil prices will rise again so I guess as long as you are making shit up about multiple years into the future then eventually it will be true. A broken clock is right twice a day.

[Anonymous]

Anonymous wrote:The SPR isn’t a problem, it’s a political talking point, and the risk of global recession is de minimis according to virtually every economic indicator absent a COVID meltdown in China. China and India will try to moderate Putin by purchasing Russian oil at a significant discount. Meanwhile the US is looking to open markets to Venezuela. We are through hurricane season but have refining capacity needs for the next 20 years.

Europe is deindustrializing as we speak and fuel demand appears to be down. There has been no meaningful supply brought online. Oil markets are telling you something that isn’t yet showing up in official economic indicators. If you think we aren’t seeing early warning signs on a potential recession….

[Anonymous]

Anonymous wrote:

Anonymous wrote:The victory laps are a bit premature.

Oil prices are collapsing not because additional supply has been brought online.

Oil markets are very funky right now. Markets are observing lower demand (leading indicator of recession), and Russia seems to have rushed all the supply it possibly could ahead of the EU price cap (not sustainable).

To the upside of prices, China seems to be serious about reopening which may add significant global incremental demand.

Oil is still in structural deficit, and the nature of oil production means the problem will get worse absent: replacement of oil as an energy source and more investment in developing reserves.

Many pages back I said that the SPR play was putting the problem off into late 2023 and into 2024. I felt like the admin was putting the 2024 election in play in order to try to win the 2022 midterms. I know this inidstry and I stand behind that assessment.

I mean eventually oil prices will rise again so I guess as long as you are making shit up about multiple years into the future then eventually it will be true. A broken clock is right twice a day.

What do you think I’m making up?

[Anonymous]

and Biden isn't a "businessman"

[twittter]https://twitter.com/carlquintanilla/status/1604816220448067585[/twitter]

[Anonymous]

[Anonymous]

Paid $2.91 this past Saturday at the 76 at Seven Corners in NoVA.

[Anonymous]

I paid $3.09 this weekend.

[Anonymous]

Gas prices are now down to what they were for most of 2018 and 2019, under Trump.

[Anonymous]

Anonymous wrote:I paid $3.09 this weekend.

It's under $3 in several stations near where I live in Fairfax.

[Anonymous]

Chicken Little, don't quit your day job because you are not a prognosticator. $3.12 this mor ing. A looooooooon way from $7/gallon you predicted.

[Anonymous]

Just got $2.39 in Tennessee.

[Anonymous]

Anonymous wrote:Just got $2.39 in Tennessee.

Wow, gonna be hard to beat that! Unless someone drives through Oklahoma right near the refining plants for Texas oil (GasBuddy shows those at $2.28....typically the cheapest gas in the country).

We are driving to the Northeast this weekend, I'm already plotting out my gas stops. Seeing $2.70 in CT where I need to make my first gas stop.

[Anonymous]

$2.99 in Chevy Chase yesterday!