Oil Price Increases After Biden Shuts Down Drilling Permits Again

[Fernando]

Down yesterday big bump up today

CNBC Markets Now: July 19, 2022

CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator.

www.cnbc.com

You're right. Stocks went up a lot today. So volatile. I'm still waiting for a real recovery before I go into the market (both stocks and real estate).

 

[IlliniApp]

Gasoline demand rebounds 4.8% last week to 9.33 million barrels per day.


Ethanol production up 2.9% to 1.03 million barrels per day.

 

[Amy Perkins]

We got Covid again so I would expect gas prices to go down or stabilize plus we made up with the Saudis and the Saudis made up with the Russians. Ford just made a deal to make batteries in China for cheap electric vehicles. Ford will have enough chips and tech will boom and bloom again. The Saudis promised they would pump more oil for everyone. Maybe if these guys all start getting along people can get back to their lives. DEALS ARE BEING MADE PEOPLE and they never say anything about it on the news. I hope this is the end of this cold war life with these countries.

 

[Terrel L. Shields]

he Saudis promised they would pump more oil for everyone.

when?
The last time I checked that date is today... from the WaPo itself

 

[Amy Perkins]

when?
The last time I checked that date is today... from the WaPo itself
View attachment 65281

That's ok
He can get it from the Russians...

Putin and MBS discuss oil in phone call less than week after Biden visit to Saudi Arabia

The two leaders also discussed the friendly relations between Russia and Saudi Arabia.

www.axios.com

 

[Mike Ault]

Saudi Arabia agrees to increase oil production levels, will help 'stabilize markets,' White House says​

Jul 15, 2022
The White House on Friday said Saudi Arabia has committed to increasing oil production in July and August—a move that will help "stabilize markets considerably."

The commitment from Saudi Arabia came after bilateral meetings between President Biden and administration officials and King Salman bin Abdulaziz al Said and Crown Prince Mohammed bin Salman, as well as Saudi Ministers.

"Saudi Arabia has committed to support global oil market balancing for sustained economic growth," the White House said. "We have welcomed the increase in production levels 50 percent above what was planned for July and August."

Saudi Arabia agrees to increase oil production levels, will help 'stabilize markets,' White House says

The White House announced that Saudi Arabia will increase oil production in the summer months-- a move officials say will help to stabilize the markets.

www.foxnews.com

 

[Fernando]

Berkeley had a study that after the Torrance refinery fire in 2015, the oil companies charged a 70 cents surcharge which never decreased.
If Californians shop around and go to cheaper gas station, this surcharge may go away.
Yet the big name oil companies say their gasoline is better with their additives. I thought all gasoline should be the same.
My contractor said he doesn't go to Costco because their gas is inferior. Is he right?

 

[Zoe]

Some cars require premium octane gas be put in their cars.

When I was young, I knew people who drove a cadillac that cost more than their house.

Many old timers would laugh about somebody complaining about something they had control over. They would say "That's like buying a cadillac and complaining about the price of gas".

 

[djd09]

Jill Biden Says “Thank You!” as Man Tells Her “Your Husband’s the Worst President We’ve Ever Had!… You Owe Us Gas Money!” (Video)​

Jill Biden Says "Thank You!" as Man Tells Her "Your Husband's the Worst President We've Ever Had!... You Owe Us Gas Money!" (Video)

Jill Biden was in New Haven, Connecticut Wednesday as part of a three-state swing touting summer learning programs funded by the Biden administration’s American Rescue Plan. During her visit, she stopped for ice cream with Gov. Ned Lamont (D) at a Arethusa Farm Dairy shop. On her way in Biden...

www.thegatewaypundit.com

 

[Terrel L. Shields]

High Gasoline Prices Force Biden To Play Nice With Saudi Arabia | OilPrice.com

President Biden promised to make Saudi Arabia pay the price for killing Jamal Khashoggi, now high gasoline prices have forced him to break that promise

oilprice.com

Saudi Arabia agrees to increase oil production levels, will help 'stabilize markets,' White House says

The WH saying that and SA saying or being able to do that are 2 separate things.

The Saudis are limited to about 12 million BOPD. Their record output was 2 years ago at 12.1 million BOPD...it is now believed that SA cannot produce more than 11.5 million bopd and so far, the SA themselves have made no commitment and probably have only a few hundred thousand more barrels they can produce, regardless the WH statement. They are producing some 11 million as it is and to increase production, they need to drill more wells, lay more pipeline, and be ready to ship same. There is some question as to the time line on some of the older fields which are now producing an awful lot of water that has to be separated and pumped back down the hole into a waterflood.