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(The Hill)   Economists project that oil could drop to $45 per barrel. Or could climb to $380 a barrel. At this point we're just pulling numbers out of a hat to keep the boss happy   (thehill.com) divider line
    More: Obvious, Petroleum, Peak oil, high price of gas, price of U.S., Benchmark, crude oil, gas price, percent Tuesday  
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331 clicks; posted to Business » on 07 Jul 2022 at 6:05 AM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



30 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-07-07 2:45:50 AM  
And thus the term "asshat" was born.
 
2022-07-07 6:07:40 AM  
At least we can count on one thing:
$380 barrel = "We have to raise prices at the pump due to the cost of crude"
$45 barrel = "We have to raise prices at the pump due to market instability and to recoup refining costs"

This statement will be issued from the CFO's Scrooge McDuck pool of Krugerrands
 
2022-07-07 6:31:56 AM  
Gasoline futures fell more than 10 percent Tuesday and are down more than 22 percent since June, raising hopes that the high price of gas across the country might soon fall.

Looks like Biden now will have to give Putin the credit like he gave him the blame on the way up.
 
2022-07-07 6:33:40 AM  
Hmm, article about oil prices...Ctrl+F...."Ukraine". Only one mention of the Ukrainian conflict and it's referencing wheat futures.

I don't think this article is exactly getting it. It's not just about Russian production, it's about sanctions and the stability of global politics more generally which impacts stable oil supplies. I'm not an economist but there's a lot this article doesn't mention when it comes to the factors which determine the price of oil.
 
2022-07-07 6:57:54 AM  

Mr. Coffee Nerves: At least we can count on one thing:
$380 barrel = "We have to raise prices at the pump due to the cost of crude"
$45 barrel = "We have to raise prices at the pump due to market instability and to recoup refining costs"

This statement will be issued from the CFO's Scrooge McDuck pool of Krugerrands


TL;DR: "You're paying $6.50/gallon no matter what, because fark you peasant."
 
2022-07-07 7:04:23 AM  
We're pulling them from somewhere, Subby, but I don't think it's a hat.
 
2022-07-07 7:06:27 AM  

Robo Beat: Mr. Coffee Nerves: At least we can count on one thing:
$380 barrel = "We have to raise prices at the pump due to the cost of crude"
$45 barrel = "We have to raise prices at the pump due to market instability and to recoup refining costs"

This statement will be issued from the CFO's Scrooge McDuck pool of Krugerrands

TL;DR: "You're paying $6.50/gallon no matter what, because fark you peasant."


Nah, I'm not. Gas prices are still under 5$/gallon here, and I haven't bought gas in 6 weeks.

/ my new Bicycle is great for the summer, OTOH
// Electric cars from all makers are coming online
/// Live where you work, shop where you live FTW
 
2022-07-07 7:44:23 AM  
With every major market making a push for electric vehicles, OPEC and the oil companies know this is their last chance to have oil prices this high. They are going to do everything they can to keep prices high for as long as they can.
 
2022-07-07 8:09:59 AM  

rubi_con_man: Robo Beat: Mr. Coffee Nerves: At least we can count on one thing:
$380 barrel = "We have to raise prices at the pump due to the cost of crude"
$45 barrel = "We have to raise prices at the pump due to market instability and to recoup refining costs"

This statement will be issued from the CFO's Scrooge McDuck pool of Krugerrands

TL;DR: "You're paying $6.50/gallon no matter what, because fark you peasant."

Nah, I'm not. Gas prices are still under 5$/gallon here, and I haven't bought gas in 6 weeks.

/ my new Bicycle is great for the summer, OTOH
// Electric cars from all makers are coming online
/// Live where you work, shop where you live FTW


Take care not to dislocate your shoulder whilst patting yourself on the back.
 
2022-07-07 8:25:50 AM  

Copperbelly watersnake: With every major market making a push for electric vehicles, OPEC and the oil companies know this is their last chance to have oil prices this high. They are going to do everything they can to keep prices high for as long as they can.


Sort of.  The US consumes 20.6M barrels of oil per day, but only about 9 million of that is gasoline for passenger cars.  We've still got a lot of oil going to airplanes, plastics, and fertilizer.
 
2022-07-07 8:29:55 AM  

Rapmaster2000: Copperbelly watersnake: With every major market making a push for electric vehicles, OPEC and the oil companies know this is their last chance to have oil prices this high. They are going to do everything they can to keep prices high for as long as they can.

Sort of.  The US consumes 20.6M barrels of oil per day, but only about 9 million of that is gasoline for passenger cars.  We've still got a lot of oil going to airplanes, plastics, and fertilizer.


Yes, but the drop in transportation use will still have a significant impact on the oil market.
 
2022-07-07 8:40:24 AM  
Meanwhile, Alberta announces a massive budget surplus and starts making big plans for the next year.

Because oil prices never fluctuate. Ever.

God, I hate my province.
 
2022-07-07 8:45:21 AM  
i.stack.imgur.comView Full Size
 
2022-07-07 8:56:43 AM  
The oil market is so inelastic and so dependent on what a few governments do that both scenarios are plausible.
 
2022-07-07 9:30:47 AM  
A clever king would follow a policy of setting a high fuel tax that could be raised and lowered to offset oil prices AND to move everyone in the right direction for environment policy.

What do people get? Stability. Good government. Lower risk means lower interest rates, all other things being equal.

The government could move the tax higher or lower for revenues, use them for Keynesian policy, or keep them high to move people to hybrids and EVs.

It won't happen, of course. And in countries that have tried it, it winds up being politics, not policy, anyway.

Nobody wants a clever king. All the froggies want king log. Lest they be gobbled up by a heron.
 
2022-07-07 9:31:51 AM  

neaorin: The oil market is so inelastic and so dependent on what a few governments do that both scenarios are plausible.


Part of the clue should have been that oil company executives were selling stock at an incredible rate. In fact more sold than bought, the first time that's happened since 2012 apparently. They expect the gravy train to end soon, and wanted to cash out some stock while the price was higher.
 
2022-07-07 9:36:13 AM  
What happened to the era of "oil prices will never stay over 80 dollars for long because of American frackers?" I can't imagine that I missed something, but even if I did, 300 dollar oil seems farfetched. On the other hand, the majors have cut back really hard on their exploration and development, so it could happen. On the other hand, Russia will need to pay reparations somehow.

The only thing I am sure of is that I am going to run out of hands guessing where all this winds up.
 
2022-07-07 9:46:14 AM  

2fardownthread: What happened to the era of "oil prices will never stay over 80 dollars for long because of American frackers?" I can't imagine that I missed something, but even if I did, 300 dollar oil seems farfetched. On the other hand, the majors have cut back really hard on their exploration and development, so it could happen. On the other hand, Russia will need to pay reparations somehow.

The only thing I am sure of is that I am going to run out of hands guessing where all this winds up.


Most of the frackers were driven out of business by the low oil prices during the pandemic.

Their work force has moved on elsewhere since most decided when they lost their jobs that living months on end in bum fark nowhere for a boom and bust industry wasn't worth it anymore.

Fracking equipment is getting hit with the same supply chain issues hurting everyone else.

So even though oil prices have gone back up, fracking isn't going to get back to pre-pandemic levels anytime soon.

Natural gas prices are going to stay high for the same reason.
 
2022-07-07 10:02:44 AM  
If it goes down, it will be because Joe Biden is a master negotiator.

If it goes up, it will be because Joe Biden has no power whatsoever.
 
2022-07-07 10:48:38 AM  

Robo Beat: rubi_con_man: Robo Beat: Mr. Coffee Nerves: At least we can count on one thing:
$380 barrel = "We have to raise prices at the pump due to the cost of crude"
$45 barrel = "We have to raise prices at the pump due to market instability and to recoup refining costs"

This statement will be issued from the CFO's Scrooge McDuck pool of Krugerrands

TL;DR: "You're paying $6.50/gallon no matter what, because fark you peasant."

Nah, I'm not. Gas prices are still under 5$/gallon here, and I haven't bought gas in 6 weeks.

/ my new Bicycle is great for the summer, OTOH
// Electric cars from all makers are coming online
/// Live where you work, shop where you live FTW

Take care not to dislocate your shoulder whilst patting yourself on the back.


Why hate on the people who had enough of high gas prices and changed aspects of their lives to mitigate those impacts?

I applaud Robo Beat and their efforts to not get shafted as hard by oil companies.
 
2022-07-07 11:05:51 AM  
Don't they always?  Economists are the only profession where they do complicated math all day long, but they never learned how to subtract.  Sounds like they're too far up their asses to be trusted with anything, let alone our entire farking planet.

Perhaps it is time for economists to apply their analytical tools to themselves and their discipline. The new field of behavioral economics incorporates ideas on human decision making from psychology and cognitive science. Cognitive biases such as the bandwagon effect, confirmation bias, availability bias and authority bias may help us understand why failed or improbable theories live on. Economists may not be any better at assessing evidence and making decisions about their field than the general public is at choosing which detergent to buy.

All you have to do is look at the stock market to see how far people have their heads up their asses.  And then you COPY them, because what is life but a steady accumulation of weath that you don't want or need?  How....how inhuman.
But nobody gives a fark, if the economics work out for them.  What happened to us?  Look in a goddamned mirror.  And then look at some more ads. Then look in  a mirror.
You look just like that, don't you?

Fark user imageView Full Size
 
2022-07-07 11:50:26 AM  

jjorsett: Gasoline futures fell more than 10 percent Tuesday and are down more than 22 percent since June, raising hopes that the high price of gas across the country might soon fall.

Looks like Biden now will have to give Putin the credit like he gave him the blame on the way up.


Fark user imageView Full Size
 
2022-07-07 11:51:41 AM  

jjorsett: Gasoline futures fell more than 10 percent Tuesday and are down more than 22 percent since June, raising hopes that the high price of gas across the country might soon fall.

Looks like Biden now will have to give Putin the credit like he gave him the blame on the way up.


Da fuq are you blathering about?
 
2022-07-07 11:52:50 AM  

jjorsett: Gasoline futures fell more than 10 percent Tuesday and are down more than 22 percent since June, raising hopes that the high price of gas across the country might soon fall.

Looks like Biden now will have to give Putin the credit like he gave him the blame on the way up.


2 idiots smarted you.

That's sad.
 
2022-07-07 11:53:29 AM  

Copperbelly watersnake: 2fardownthread: What happened to the era of "oil prices will never stay over 80 dollars for long because of American frackers?" I can't imagine that I missed something, but even if I did, 300 dollar oil seems farfetched. On the other hand, the majors have cut back really hard on their exploration and development, so it could happen. On the other hand, Russia will need to pay reparations somehow.

The only thing I am sure of is that I am going to run out of hands guessing where all this winds up.

Most of the frackers were driven out of business by the low oil prices during the pandemic.

Their work force has moved on elsewhere since most decided when they lost their jobs that living months on end in bum fark nowhere for a boom and bust industry wasn't worth it anymore.

Fracking equipment is getting hit with the same supply chain issues hurting everyone else.

So even though oil prices have gone back up, fracking isn't going to get back to pre-pandemic levels anytime soon.

Natural gas prices are going to stay high for the same reason.


Fark user imageView Full Size
 
2022-07-07 11:55:55 AM  

cryinoutloud: Don't they always?  Economists are the only profession where they do complicated math all day long, but they never learned how to subtract.  Sounds like they're too far up their asses to be trusted with anything, let alone our entire farking planet.

Perhaps it is time for economists to apply their analytical tools to themselves and their discipline. The new field of behavioral economics incorporates ideas on human decision making from psychology and cognitive science. Cognitive biases such as the bandwagon effect, confirmation bias, availability bias and authority bias may help us understand why failed or improbable theories live on. Economists may not be any better at assessing evidence and making decisions about their field than the general public is at choosing which detergent to buy.

All you have to do is look at the stock market to see how far people have their heads up their asses.  And then you COPY them, because what is life but a steady accumulation of weath that you don't want or need?  How....how inhuman.
But nobody gives a fark, if the economics work out for them.  What happened to us?  Look in a goddamned mirror.  And then look at some more ads. Then look in  a mirror.
You look just like that, don't you?

[Fark user image image 505x194]


Fark user imageView Full Size
 
2022-07-07 12:42:32 PM  
<checks gasbuddy>

yep, price is still high.  $2.27

That's per liter, which is like 2 and a half feet for you 'mercans.
 
2022-07-07 12:55:17 PM  

Linux_Yes: Copperbelly watersnake: 2fardownthread: What happened to the era of "oil prices will never stay over 80 dollars for long because of American frackers?" I can't imagine that I missed something, but even if I did, 300 dollar oil seems farfetched. On the other hand, the majors have cut back really hard on their exploration and development, so it could happen. On the other hand, Russia will need to pay reparations somehow.

The only thing I am sure of is that I am going to run out of hands guessing where all this winds up.

Most of the frackers were driven out of business by the low oil prices during the pandemic.

Their work force has moved on elsewhere since most decided when they lost their jobs that living months on end in bum fark nowhere for a boom and bust industry wasn't worth it anymore.

Fracking equipment is getting hit with the same supply chain issues hurting everyone else.

So even though oil prices have gone back up, fracking isn't going to get back to pre-pandemic levels anytime soon.

Natural gas prices are going to stay high for the same reason.

[Fark user image image 425x303]


How the fark was my post blaming Democrats?
 
2022-07-07 1:03:58 PM  

Copperbelly watersnake: Linux_Yes: Copperbelly watersnake: 2fardownthread: What happened to the era of "oil prices will never stay over 80 dollars for long because of American frackers?" I can't imagine that I missed something, but even if I did, 300 dollar oil seems farfetched. On the other hand, the majors have cut back really hard on their exploration and development, so it could happen. On the other hand, Russia will need to pay reparations somehow.

The only thing I am sure of is that I am going to run out of hands guessing where all this winds up.

Most of the frackers were driven out of business by the low oil prices during the pandemic.

Their work force has moved on elsewhere since most decided when they lost their jobs that living months on end in bum fark nowhere for a boom and bust industry wasn't worth it anymore.

Fracking equipment is getting hit with the same supply chain issues hurting everyone else.

So even though oil prices have gone back up, fracking isn't going to get back to pre-pandemic levels anytime soon.

Natural gas prices are going to stay high for the same reason.

[Fark user image image 425x303]

How the fark was my post blaming Democrats?


It wasnt
I just think its a funny pic
 
2022-07-07 2:02:39 PM  

Linux_Yes: cryinoutloud: Don't they always?  Economists are the only profession where they do complicated math all day long, but they never learned how to subtract.  Sounds like they're too far up their asses to be trusted with anything, let alone our entire farking planet.

Perhaps it is time for economists to apply their analytical tools to themselves and their discipline. The new field of behavioral economics incorporates ideas on human decision making from psychology and cognitive science. Cognitive biases such as the bandwagon effect, confirmation bias, availability bias and authority bias may help us understand why failed or improbable theories live on. Economists may not be any better at assessing evidence and making decisions about their field than the general public is at choosing which detergent to buy.

All you have to do is look at the stock market to see how far people have their heads up their asses.  And then you COPY them, because what is life but a steady accumulation of weath that you don't want or need?  How....how inhuman.
But nobody gives a fark, if the economics work out for them.  What happened to us?  Look in a goddamned mirror.  And then look at some more ads. Then look in  a mirror.
You look just like that, don't you?

[Fark user image image 505x194]

[Fark user image 400x503]


Why is that poster in Spanish?
 
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