Reply to $7/gallon gas is coming

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Guess what!  I paid $3.49.9 today for regular gas in Virginia.  Not a good prognosticator, are you, OP!  [/quote]

So you’re glad it’s down to almost double what it was? Odd. [/quote]

My point is that it isn't $7.00/gallon.  Chicken Little needs to stop.  [/quote]

SPR is closing in October dum dum.  [/quote]

Crude oil and gas are purchased and sold through a global marketplace. The SPR impact on price at the pump was negligible. In the meantime, private reserve stocks have been increasing. But given your concerns, why didn’t TFG top-out the SPR when oil was at a historic low and tankers of crude were anchored offshore for months on end without a market? [/quote]

Umm, SPR releases have been roughly equal to about a little over 1% of worldwide demand. 1% over or under supply has historically led to material swings in the price of oil.  TFG absolutely tried to top off the SPR during the COVID bottom but congressional democrats blocked it. It was a really short sighted decision.

SPR release is going to be done around October/November. If we aren’t on a recession by then, oil prices will almost certain return to their pre-summer climb upwards. 
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