Dave Matthews
Dave's not here
Thunder and rain here this afternoon.
Joe Biden........
- Thread starter RFR
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Not too bad over here in the USA. It's a bit hot 'round these parts though.
He's asking about the weather.
Ok, I'll try to tackle this seriously. He's not asking anything. He's saying OPEC is at (near)maximum capacity. They lack the ability to produce more oil in the short term.
How else could it be perceived?
WWLaidback
Well-known member
it looked like gangsta talk.
Why is global oil production at maximum capacity while gas/petrol is twice per gallon/liter as it was last year a news item?
I can't tell if you're serious or if that question is loaded. If it's the latter, just come out and ask it. If you really don't know put your thinkin' cap on for a minute.
I thought the oil price was low and fuel prices high and companies making a packet............last I heard when taking any notice.................the price is what you have to pay end of story, you cut your clothe to suit................I was serious ez...........thanks.
TalismanRich
Well-known member
FWIW, $100/bbl oil isn't anything new.
What? I'm not sure what you mean. The price of oil is at roughly $111US/barrel today. That's high. Remember, two years ago in the middle of the Covid shutdown it was trading at BELOW $0 US/barrel. You read that right. The OPEC nations brought production to a screeching halt and were paying countries to store it for them because no one was driving. Now demand is RAGING because the Covid restrictions are lifted, production is maxed out and they are trying to lower demand. The price of gas is a supply and demand issue. It's not my president's fault and it's not your Queen's fault or whatever.
I am not an oil trader and this doesn't require deep thinking. I'm not that smart. I mean COMPARITIVELY, sure. But in general I mean. That's why I like hanging around here so much.
I thought high was 150 per barrell
I'm not sure there is a particular number above which that oil is considered "high" that the world agrees on.
WWLaidback
Well-known member
Your graph isn't reality.
Oil was typically around $35-$60 per barrel when Trump was President.
The lowest price was $6.69/barrel between April and June of 2020.
It was typically $90-$100/barrel under Obama.
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You're clear that OPEC can't immediately increase production, correct?
Hence the video.
Now yes. Before hadnt took a blind bit of notice. Everything is going up in price and will come to a head towards the end of the year. But I can do nothing about it so...............
That's the spirit!
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