Article

2021-02-04 Economy

US Crude Hits $55.70, highest since before the plague

[Reuters] U.S. West Texas Intermediate (WTI) crude futures rose 93 cents, or 1.7%, to settle at $55.69 a barrel, the highest since Jan. 22, 2020, after touching a high of $56.33 earlier in the session.

Brent crude futures rose $1, or 1.7%, to settle at $58.46 a barrel, the highest since Feb. 21, 2020.

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price was about $45 before the election; variety of causes: US consumption up, Saudi production down, Biden policy

Posted by Lord Garth 2021-02-04 00:00|| || Front Page|| [11 views ] Top

#1 Oil
Copper
Gold
Crypto
= BUY

Get ready for hard times. Gonna make the 1970s look like a picnic.

Posted by Black Bart Guelph8652 2021-02-04 00:51|| 2021-02-04 00:51|| Front Page Top

#2 I remember the cries of "Peak Oil".

Posted by Clem 2021-02-04 01:04|| 2021-02-04 01:04|| Front Page Top

#3 #1 YES, Carter years again but with triple inflation. Dems never fix anything. They just throw money at it or that but elites skim off the top.

Posted by Dale 2021-02-04 03:40|| 2021-02-04 03:40|| Front Page Top

#4
Up front Biden did not turn the whole KeyStone Pipeline YET just stopped the KeyStone XL Phase 4 part?

If he had turned off the whole KeyStone Pipeline, he would have turned off one of the top 3 US Major Crude pipelines. A Pipeline that already provides 830,000 barrels of Alberta tar sands oil per day to refineries on the Gulf Coast of Texas and Southern Illinois.

If those Environmental Idiots in DC had they would have reduced Gas and Diesel output as follows:

Reduced Gasoline production by: 16,600,000 (16.6M) Gal. a day.

Reduced diesel fuel production by: 9,960,000 (9.96M) Gal. a day

Remember the Russians started a Crude Oil Price War back in April 2020 ($20 a barrel) just as the Pandemic mortality rates were Peaking.

Looking at a Oil Price Chart 2000-2021
adjusted for inflation:
(OIL PRICES)
$55 to $85 seems to be the normal range over the last 20 years (eliminating spikes).

Posted by NN2N1 2021-02-04 06:30|| 2021-02-04 06:30|| Front Page Top

#5 Using 20 gal avg. size Mid-Size Car Gas Tank.
16.6 Million gallons of gas = 830,000 gallon of gas that would not have been pumped a day.

Avg. 15 miles P/Gal = 12,450,000 miles not driven on avg. every 5 days... Now figure how many stores would not be shopped at.

Posted by NN2N1 2021-02-04 06:41|| 2021-02-04 06:41|| Front Page Top

#6 /\ Amazon!

Posted by Bobby 2021-02-04 10:43|| 2021-02-04 10:43|| Front Page Top

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