By Nick Pope
Oil prices are poised to continue their climb in the coming months as planned OPEC+ production cuts take hold in international markets, the International Energy Agency (IEA) reported Friday.
Russia and Saudi Arabia are undertaking considerable production cuts, which have helped drive the rising prices, according to the IEA report. If OPEC+ maintains its previously announced targets for reduced supply, there is “a risk of driving prices still higher,” the report reads.
Beyond the reduced supply, “strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity” have also contributed to the rising prices, according to the report.
The world still runs on oil https://t.co/jRxBq47KDK
— Daily Caller (@DailyCaller) June 26, 2023
Brent crude oil prices, which are considered an indicator for the international oil market, are hovering around $85 to $86, a level that stands as a six-month high, according to data available on Google Finance. While Brent crude prices have been on a steady upward trend since late June, they have not returned to August 2022 levels, when prices briefly went over $100 before dropping again.
Additionally, prices for Urals crude have exceeded the price cap imposed on Russian oil by the Group of Seven (G7) countries in response to Russia’s invasion of Ukraine, the IEA reported. This development renders “all Russian oil exports ineligible for G7 and EU maritime services,” according to the IEA report.
The Biden administration opted on Aug. 1 to delay refilling the strategic petroleum reserve (SPR) because oil prices were too high. Biden chose to release tens of millions of barrels from the SPR to decrease domestic prices ahead of the 2022 midterm elections, and it could take “decades” to refill the SPR, which now sits at its lowest level in 40 years.
So sad how this administration is so anti-American, to hold down and destroy middle and lower class working families by begging our enemies to produce more oil. Biden is a discusting human being.
Yes. When AOC opined about how critics voiced concern about ‘how we’re gonna pay for it,’ she was seemingly ignorant of the fact that ‘paying for things’ is important. Many of the climate change schemes are basically a drag on societal prosperity as a whole, are expensive and thus hit hardest on the working poor and lower middle class. Already my standard of living is negatively impacted by high gas taxes and loopy electricity $$/time of day metering. CHOOSE PROSPERITY!
Ummmmm…..
U.S. has the LOWEST taxes on gas of any country, other than Mexico.
https://taxfoundation.org/data/all/federal/oecd-gas-tax/
Are you saying you want to Make America Mexico Again???
Looks like you need to put your thinking cap back on and think a little harder on this issue, FAKE Tommy.
Yeah I’ve been hearing this dum-ass argument for over 30 years now, Fake Tommy. Two wrongs don’t make a right, and just because some corrupt foreign government abuses it’s citizendry by enacting a higher gasoline tax doesn’t make it right, nor even desirable. NEWS FLASH: Your genius chart lists only federal tax, no mention of the more-significant state taxes which do not have corellary in foreign countries . Pull your head out of your ass, Fake Tommy. Anyway, gasoline tax is only a part of the equation. The low-information push towards renewables is boosting electricity prices in a serious way, lowering standard of living of everyone between 1%’er and homeless economic status.