Saudi trying hard to bump oil prices

[TCHB]

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers

Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut of 1 million barrels per day, to...

finance.yahoo.com

 

[zhandfull]

Gas already seems high to me here in Southern California. Close to $5 a gallon and oil at low 70’s.

Other states seem to be catching up to California gas prices. What’s up with that?

Maybe will be seeing that $7.00 a gallon gas this summer.

 

[Nordie]

They are pulling this stunt, because oil is still being traded by the American dollar. Once that goes away, we're fu*ked.

 

[monkeyswrench]

They are pulling this stunt, because pil is still being traded by the American dollar. Once that goes away, we're fu*ked.

Been reading the past few months that the Saudis have brokered deals with various countries to use their own money. I really don't understand how USD is the monetary unit to buy oil from countries on the other side of the world. I do know, like you said, we'll be fukt it it changes.

 

[azsunfun]

Jimmy Carter 2.0, and self inflicted by our leaders.

 

[2Driver]

Feb 2016.

Regular was $1.35 in Phoenix Oil was around $35 a barrel.

 

[CLdrinker]

Thank god we have Biden in office. This will be straightened out shortly.

 

[OldSchoolBoats]

Time to just nuke the towel heads and get back to drilling our own oil.

 

[TCHB]

Time to just nuke the towel heads and get back to drilling our own oil.

Exxon will continue to sell to the highest bidder. Free market!

 

[farmo83]

This is mainly lip service. You'll notice they quote on cutting production not exports which is what matters globally. After the last cut saudi and Russia actually increased exports by drawing on storage.

The oil industry is predicting a choppy price until year end and then will trend up. There are no new major projects coming online until 2027 ish.

 

[was thatguy]

FYI, less than half of all crude produced is refined into gasoline. Frankly, pump prices in this country at this time have less to do with oil price then most realize.

 

[AZLineman]

Hold their alfalfa ransom

 

[Mandelon]

Boost their water prices.