Oil Prices Hit Seven-Year High
Yep they are blaming Geopolitical Tensions, However President Biden killing The oil pipeline didn't help any! I doubt oil will have any problems with inflation increases.
serf
Crude prices rose to their highest level since the 2014 shale-induced oil crash, a milestone in a rally that is gathering momentum as geopolitical tensions threaten to knock supply.
Futures for West Texas Intermediate, the main grade of U.S. crude, added $1.61 per barrel, or 1.9%, to $85.43 on Tuesday. That marks the highest closing level since October 2014, when oil prices were moving in the opposite direction as a gusher of U.S. crude flooded the market.
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Killing the pipeline, while stupid, had very little if any effect on the global oil market. Shutting down the worlds economy did and it still has a major effect. It takes a while to ramp production back up after shutting it down because of the glut of oil on the market a year ago. Remember the oil tankers that had no place to off load? That was because all of the depots and refineries were full up because of little demand for their products. When the producers couldn't sell their products, exploration and drilling came to a halt. Projections for next year are a little better as production levels slowly return to normal this year;
U.S. Oil Production To Hit New Record In 2023 | OilPrice.com
The EIA believes U.S. oil production will set a new record in 2023, exceeding pre-pandemic levels as higher prices incentivize producersIt is called capitalism. Private companies cutting production to preserve capital and raising production when demand returns. Even though oil companies here are extremely regulated, they are still private companies. If they were government owned, they could have maintained their exploration and drilling and your taxes could have kept them going with no fear of bankruptcy. Not sure about you, but I prefer capitalism. Bob
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BobJudy: 30528851482395/comments/30528865452827
Killing the pipeline, while stupid, had very little if any effect on the global oil market. Shutting down the worlds economy did and it still has a major effect. It takes a while to ramp production back up after shutting it down because of the glut of oil on the market a year ago. Remember the oil tankers that had no place to off load? That was because all of the depots and refineries were full up because of little demand for their products. When the producers couldn't sell their products, exploration and drilling came to a halt. Projections for next year are a little better as production levels slowly return to normal this year;
https://oilprice.com/Energy/Energy-General/US-Oil-Production-To-Hit-New-Record-In-2023.html
It is called capitalism. Private companies cutting production to preserve capital and raising production when demand returns. Even though oil companies here are extremely regulated, they are still private companies. If they were government owned, they could have maintained their exploration and drilling and your taxes could have kept them going with no fear of bankruptcy. Not sure about you, but I prefer capitalism. Bob
Yep when it comes to oil for now it's One world capitalism ,yet if war breaks out all bets are off that wager.
Have you heard about the new Cummins engines for The military? I wonder how well it meets EPA standards? You are never going to see diesel hybrids here in mid-size trucks in The USA for private public driving, either.
serf
https://www.greencarcongress.com/2021/08/20210803-ace.html
The US Army has awarded Cummins an $87-million contract to complete the development of the Advanced Combat Engine (ACE), a modular and scalable diesel engine solution, capable of hybridization, that uses innovative opposed-piston (OP) technology to provide leap-ahead capabilities in power density and heat rejection not available in the current marketplace.
ACE’s innovative OP technology provides a 50% increase in power density, a 20% reduction in heat rejection, and 13% improved fuel efficiency when compared to today’s best in class combat engine. ACE’s flexible layout options allow the engine to be configured in 3 cylinder, 4 cylinder, and 6 cylinder arrangements to deliver power ranging from 750 to 1,500 horsepower.
ACE can be integrated into hybrid architectures enabling commonality, thereby eliminating the expensive logistical burden of having multiple combat powertrains and facilitating the incorporation of new electrified technologies.
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Meanwhile in Alaska, the NPR-A exploration area has had government approval for years. Billions of barrels are right there beneath our feet. And with the stroke of a pen Biden's administration put half of it off limits.
Wait till he shuts down the Trans Alaska Pipeline with another stroke of the pen. Hot oil will stop flowing, it will turn to tar in the pipeline, and it will never be restarted. He will reduce we Alaskans to welfare recipients. ALL of us. The pipeline provides over 90% of our state revenue and He Doesn't Care.
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