Article

2022-07-19 Arabia

Oil spikes to $100 per barrel as Biden fails to win Saudi pledge to boost output

[NYPOST]

The price of oil surged to more than $100 a barrel on Monday after President Biden left Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
over the weekend without winning a commitment from the kingdom to boost output.

Brent crude, the international benchmark, rose by nearly 2.5% to around $103.50 early Monday while West Texas Intermediate, the US benchmark, also spiked nearly 2% to more than $99 a barrel.

The prices shot up on Monday following comments by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, who said the topic of OPEC+ boosting oil supply wasn’t even raised during a summit meeting between Biden and other Arab leaders.

"Traders got one clear message from Biden’s recent visit to Saudi Arabia, during which President Biden spoke to a number of Arab leaders," market analyst Naeem Aslam told the Guardian.

Posted by Fred 2022-07-19 00:00|| || Front Page|| [11133 views ] Top
File under: Govt of Saudi Arabia

#1 Doesn't anybody read Rantburg?

Posted by Bobby 2022-07-19 07:36|| 2022-07-19 07:36|| Front Page Top

#2

When we drilled here, pumped it out here, refined it here, used it here, oil prices typically were lower, and we had a better handle on our environment concerns.

BUT!
It is something Liberals, Socialists, and Democrats do not understand about running an Economy. It's called "Supply and Demand". Which has always affected price and the surrounding environment.

So the LSD Coup that stole the election not only has failed America, it has failed the world.

By playing environmentalist for votes, it directly adversely affected the world price of crude oil. With which negatively impacted billions of others and actually did greater harm to the environment.

How?
When 2nd & 3rd world nation ramp up uncontrolled drilling, pumping and shipping of oil, it is usually done for the quick $$$$ and with far less environmental concerns.

So if I may remind the LSD's
DRILL HERE, DRILL NOW actually works and is safer for the environment and the economy.

Results
As we have seen, when the economy is stable, the environment is better taken care of.

Posted by NN2N1 2022-07-19 08:30|| 2022-07-19 08:30|| Front Page Top

#3 ...Well, that didn't take long. Best part is the Administration spokesthings insisting yesterday that we hail Joe because gas went down .50/gal over the last month or so.

Mike

Posted by MikeKozlowski 2022-07-19 10:53|| 2022-07-19 10:53|| Front Page Top

#4 MK, it's going back up bigley. Invest now.

Posted by Vespasian Ebboting9735 2022-07-19 11:52|| 2022-07-19 11:52|| Front Page Top

#5 When they jump in claiming credit for the temp decline, honest media would have to assign responsibility to the Puppet Show for the looming increases. Not holding my breath...

Posted by NoMoreBS 2022-07-19 14:51|| 2022-07-19 14:51|| Front Page Top

#6 Report: Putin Sends Cuba 700,000 Barrels of Fuel Oil

Posted by Skidmark 2022-07-19 15:46|| 2022-07-19 15:46|| Front Page Top

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