Oil tops $75, highest since 2014 OPEC meeting that led to pump war

[jpak]

Source: Reuters

LONDON (Reuters) - Oil rose on Tuesday above $75 a barrel to its highest since November 2014, supported by OPEC-led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran.

Brent crude, the global benchmark, hit its highest since OPEC on Nov. 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to $27 in early 2016.

Oil prices began to recover in 2016 as OPEC discussed a return to market management with the help of Russia and other non-members. A supply-cutting deal started in January 2017 and has been deepened by a steep output drop in Venezuela.

“Prices are being driven up by tight supply due to high production outages in Venezuela plus the cuts implemented by OPEC and Russia,” said Carsten Fritsch, analyst at Commerzbank. “What is more, demand appears robust.”

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Read more: https://uk.reuters.com/article/uk-global-oil/oil-tops-75-highest-since-2014-opec-meeting-that-led-to-pump-war-idUKKBN1HV03N

[TranssexualKaren]

1. Just great,.....

Now the Canadian tar sands will be economically viable again!

[Sherman A1]

2. GOP in office

And oil prices go up.... a hidden tax on the working class.!

[Maxheader]

3. Oil nazis

can't pay the bills with 40$/barrel oil. Yachts and palaces are pricey.

Its like the farmers bitchin about low grain prices...supplys are high
because they plant everything they can...And now with cheetox
tariff proclamation ag can count on the prices going down more. If
indeed the oil czars are intentionally cutting back production..we are
all pretty much screwed..

"A supply-cutting deal started in January 2017 and has been deepened by a steep output drop in Venezuela."

[turbinetree]

4. Lets put this into perspective Congress changed a Law on this shit

so that the greedy oil companies could "export" oil from this country.................the Law was enacted in 1975

U.S. oil exports have been banned for 40 years. Is it time for that to change?

https://millercenter.org/president/carter/domestic-affairs

https://www.washingtonpost.com/news/wonk/wp/2014/01/08/u-s-oil-exports-have-been-banned-for-40-years-is-it-time-for-that-to-change/?utm_term=.63e5dd2481c4


https://www.wsj.com/articles/congressional-leaders-agree-to-lift-40-year-ban-on-oil-exports-1450242995

Tight supply is being driven by Venezuela...............how much oil does the United States get from Venezuela

“Prices are being driven up by tight supply due to high production outages in Venezuela plus the cuts implemented by OPEC and Russia,” said Carsten Fritsch, analyst at Commerzbank. “What is more, demand appears robust.”


https://www.eia.gov/tools/faqs/faq.php?id=727&t=6

[TranssexualKaren]

5. Yes, but isnt that what we want?

Shouldn’t we want the price of carbon based energy to be high so that renewables are more competitive?

[turbinetree]

7. Renewables would be nice, if they were allowed to be competitive, for example Alaska

Alaska has a lot of jet stream wind activity, and a lot of energy from the sea, the citizens of that state get a check every year for the profit of the state, for them to set up some drill rig and just go nuts on drilling for oil, hell just look at the last bill the Murkowski jumped on, she had no intention, of offering anything for renewable energy source such and wind and water none.

Look at what happened just last summer when the Standing Rock Sioux had scared land dug up for a pipeline right across the water ........because some governor decided all by himself to have the pipeline rerouted because some town didn't want it to go through there site, but Native people.................so what.................they are Native People......................

The means for renewable is here and it is now......................to get a wind farm up along the east coast has now taken over 8 years to get and its still not up.................because people don't want the horizon of the sea to look like it has wind farms , god forbid the seeing on the sunrise shapes of renewable because of tourists business will be driven away...................


But nope, lets go into the Gulf of Mexico and create more dead zones, after all whats 3 billion to a oil company, that polluted and killed off the sea life, but just got more permits to drill and go deeper into the sea bed....................no wind farms in that region.............nope

Look at who they made Sec. of State..............Exxon .................that said it all, and now they want to put some psychopath in charge


Your idea is correct.......................but oil money drives everything, until there is an out right banned on the product..................

[LanternWaste]

10. Much as was emphatically stated as an absolute truth about coal, as well.

"but oil money drives everything, until there is an out right banned on the product..."

Much as was emphatically stated as an absolute truth about coal, as well. And yet...

[truthisfreedom]

6. Hurtin the little guy.

[pwb]

8. Let's all cut back as much as we can.

Supply and Demand.......Except the pukes just started allowing refined products to be exported??????? They hate us and this country. following the Russian rule of dividing us and hurting our citizens at every turn. right out of Putins playbook.

[Bayard]

9. Confusing

I just read on DU yesterday that tRump was flooding the market with U.S. oil to get back at Iran. Which is it?

[old guy]

11. It's a damned game an the people don't get to play, just be spectators.

[mahatmakanejeeves]

12. This is odd: Congressman Morgan Griffith of Virginia's 9th District used to have

a panel on his website that showed how the price of gasoline was going up under the Kenyan Muslim socialist who was president a few years back.

Now the panel is gone. What gives?

U. S. Congressman Morgan Griffith

Someone should write him and ask where it went.

[BumRushDaShow]

13. Already seeing the $3.00+/gal around the Philly area.

[DeminPennswoods]

14. DNC should jump on this

with ads. All they need to do is show pictures of Trump, Bolton, Putin, Jared and the Saudi royals against a ka-chinging gas price graph.