Ummmmmm. You're not supposed to utter the "R" word...
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INFLATION--now the top issue for young adults in the 2024 election
- Thread starter Chop
- Start date
Today I hear you but for how long? Reminds me, wonder when Biden will reload the reserve? He’ll probably wait till prices go back up.
He claimed SPR would be stocked when oil was under $70. It was there this week. Yet, all we have is radio silence...
WTI and Brent in December.
The real issue is the lower pricing is due to Venezuela pumping all of their crappy oil offsetting OPIC+, but still attempting to be a part of OPIC+.
Monahorns
10,000+ Posts
A recession is the economy rejecting malinvestments and resetting economic activity to real value producing investment. Without that the economy will continue to consume capital. We need to get back to a capital accumulation situation with lower prices for working and middle class families.
Better yet. Go back to a gold (or silver) standard which is the only constitutional money and get the Fed out of the interest rate business. Let markets determine the price of money.
Headline inflation (PCE index) now down to 2.6% for November. Economists predicting shallow recession in Q1/Q2 of 2024.
Inflation finally dips below 3 percent as U.S. economy nears 'soft landing' — The Hill
Inflation finally dips below 3 percent as U.S. economy nears 'soft landing' — The Hill
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For you refining types: will this put a bunch of idle Gulf Coast refining capacity back on line (idle because it was geared to refine the crappy tar oil like Venezuela produces...)? An uptick, or even a little boom in refining?
Lower cost Venezuela oil should help refining margins.
It is a different crack which is less efficient which equates to more costly.
However it is easier to reach the octane requirements vs lighter crude, which saves money because currently they are importing oil from Saudi to help make up the difference.
The financial difference is transportation costs to the Texas Gulf Coast. The light crudes are easier on the process.
This is a very old argument that will go on until the wells run dry and hydrogen is the fuel of choice.
Yeah, that guy Maduro, he seems trustworthy.
Yes I think Exxon would win this war.
Maybe we need some independent Venezuelan observers to watch our elections and make sure they're fair...mb
Well at least Maduro won his election fair and square
Actually Chevron.
Exxon and Hess are developing the huge fields offshore of Guyana coast that could be impacted if Venezuela grabbed the adjoining land. The offshore field straddles both the disputed and undisputed offshore economic development area.
Ok. I was just thinking Venezula.
Chevron would need a land army whereas Exxon would only need a navy to defend its interests. Advantage Exxon.
The terrifyingly powerful Houti ragtag gang has shut down the Suez canal. That lengthens northwest Europes supply of MidEast oil from 10 days to 37, around Good Hope. In the matter of three weeks, that erodes 20% of NWE oil inventory. Commencing on the first day of winter. That on top of no Russian oil or nat gas is a disaster on the front porch. Over time, the lengthened supply line erodes inventory by 5-7% per week. By February, price will be no object. No one in the F-Troop administration talks about this. Sadly, because they dont know. There are not enough ships to fill this gap long term. Perhaps sailing ships will help.
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