Answering the call of the president prices fell 12.5 cents nation wide.
https://oilprice.com/Latest-Energy-News/World-News/Gasoline-Prices-See-The-Largest-Drop-In-Nearly-15-Years.html
According to Gas Buddy’s Patrick De Haan, more than 5,800 gas stations across the country are offering gasoline at $3.99 per gallon or less.
Open had increased production levels.
However misses goals in June do to Nigeria sluggish production cycles.
Nigeria has continued to experience severe production problems as its output slumped to a 17-month low in June with shipments of the Forcados and Qua Iboe crudes fell, per the Argus survey.
This is coming as the Organisation of Petroleum Exporting Countries(OPEC+) pumped more than 2.5 million barrels per day (bpd) below its target in June, despite a rebound in Russia’s oil production that helped the group’s output rise by 730,000 bpd from May, according to the Argus survey published on Friday.
Nigeria was also the main driver of lower production at all 13 OPEC members in June, the monthly Reuters survey showed last week. OPEC’s crude oil production fell in June compared to May due to outages in Libya and Nigeria, and the 10 cartel producers bound by the OPEC+ pact lifted their combined production by just 20,000 bpd last month, according to the survey.
Saudi Arabia and Iraq, OPEC’s largest and second-largest producers, raised their output as domestic demand from power plants that burn oil increased seasonally. Russia, the largest non-OPEC producer part of the OPEC+ pact, saw its production rebound last month and rise by 550,000 bpd compared to May.
https://leadership.ng/opec-misses-june-output-target-as-nigeria-suffers-production-decline/
Joe Biden is clearly not enthused about traveling to Saudi Arabia. He insists that his views on human rights have not changed and said he would not meet Crown Prince Mohammed bin Salman privately. The president has instead focused on “making peace,” a clear reference to convincing Saudi Arabia to sign a normalization agreement with Israel. Biden and his advisors continue to downplay the trip’s immediate priority: to press Saudi Arabia to increase oil production. His aides succeeded in getting OPEC to expand production targets by a few hundred thousand barrels per day (b/d) for July and August. But increased Saudi production (and experts debate how much they can actually increase on a sustained basis), will mean little if Libyan oil production remains unreliable.
Conclusion.
the good news: despite a lot of nerve-racking volatility, the price of crude oil is expected to go on a downward trend, reversing the record levels we've seen so far this year.
Good news to start a new week.
Now if the war in Ukraine could meet a swift end, we might see the prices drop much further.
Good news.
@THEMUGG
ME: Great jobs report last week.
YOU: Yeah but inflation.
ME: Gas prices falling.
YOU: Yeah but not fast enough.
ME: Drug trafficking busts at the border.
YOU: Yeah but imagine how much they didn’t catch.
ME: Guys using AR-15s to shoot up schools.
YOU: Yeah but the doors.
ME: Trump crimes are becoming more clear.
YOU: Yeah but what about Hunter?
ME: The future is getting brighter.
YOU: We're all doomed!
@THEMUGG
ME: Great jobs report last week.
YOU: Yeah but inflation.
ME: Gas prices falling.
YOU: Yeah but not fast enough.
ME: Drug trafficking busts at the border.
YOU: Yeah but imagine how much they didn’t catch.
ME: Guys using AR-15s to shoot up schools.
YOU: Yeah but the doors.
ME: Trump crimes are becoming more clear.
YOU: Yeah but what about Hunter?
ME: The future is getting brighter.
YOU: We're all doomed!
Biden asked gasoline stations to drop there gas price this wasn't mandated it wasn't pushed in legislation it wasn't voted for approved and enforced....
Oh no not any of it....
Biden asked and over 6000 stations complied.
Maybe he might have a few fellow patriots that will comply to the request of a sitting president.
Biden asked and over 6000 stations complied. Maybe he might have a few fellow patriots that will comply to the request of a sitting president.
The timing certainly does suggest willful compliance with the President's request, despite the war in Europe which is causing the problems at the pump.
Price is expected to fall another 50 cents by end of July. Because gasoline inventory has risen.
Crude stocks rose by about 4.8 million barrels for the week ended July 8. Gasoline inventories rose by 3 million barrels, while distillate stocks rose by about 3.3 million barrels,
As inventory rises prices must fall
Go move to a city with gas cheaper, you will likely find that the cost of living in areas with lower gas is LOWER but in general also the wage rate is lower. Not like rocket science that Calif has higher gas prices vs the national average.
Oh and nature, what does Biden opening his trap have to do with anything? Oil has dropped because a recession theme is coming in strong and crude has gone below 100 and since gas is made from crude I guess gas is also dropping, not because of anything Biden did or said.
According to Bloomberg article, the real reason for high gas prices is insufficient refinery capacity in the US. The last refinery was build in 1977. Hard to stop old refineries from being phased out. Cheaper for the US to import from other countries. The only long term solution is to reduce demand for gas. For examples, subsidies for electric vehicles and more jobs at home.
BINGO!
Been saying this for many, many years now. Makes absolutely no difference how much oil is pumped unless you have the refineries to produce the gasoline. This is how the corporate oil Fukks control both production and prices.
@thirdperson
Not sure I agree with that, there was enough capacity for refining that the previous guy was gung ho on allowing a pipeline to go through our country just so it could get to the gulf and all the refiners down there. The sole purpose for keystone was to refine sour to ship to China, so if capacity was an issue then why would Valero and others be so heavy on allowing that nasty sour crude to travel the width of our country so they could refine it?
Ive said many times the issue was when oil got wrecked it took MANY marginal frackers out of the game, it took many mid players out, it took some BIG players out and it changed the landscape for oil and gas exploration projects, most every single large player halted risk taking and stopped most all projects which were not critical for their operations. This is what caused the wreckage of ultra deep water exploration companies like Sea Drill and Ocean Rig, both were multi billion dollar companies that went under. To me the reason started back then and we are only feeling the ripple effect of a supply crimp as it passes through the system...and with higher prices now firms will start exploring more, taking more risks and it will invite fringe players back into the game but with less cheap capital than before.
I think this will unwind in another two years and faster if the global economies go into a recessison.
Brother I might need some help here....
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