I can remember this happening before, I believe it will get worse!Attachment 49791
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I can remember this happening before, I believe it will get worse!Attachment 49791
US oil production is still more than 10% below production prior to the pandemic. It should just be a short time before more production comes back on line- and $78 oil is good for those holding shares of oil companies.
Here are the weekly production figures:
https://www.eia.gov/dnav/pet/hist/Le...s=WCRFPUS2&f=W
Oil is down another $2.50 this morning and testing some serious support.
This is the USO ETF chart.
https://www.tsptalk.com/images/mb/2021/080921b.gif
https://img-s-msn-com.akamaized.net/...&o=f&l=f&f=png
Oil has only done this twice in the past 20 years — and it could forecast a 50% rally
by Lizzy Gurdus
Oil has only done this twice in the past 20 years — and it could forecast a 50% rally (msn.com)
Oil prices could be setting up for a major rally, one strategist says.
For one, villainizing US fracking can be blamed. For a while there, we WERE the swing state producer, but once again OPEC has the ball.
Second, the thought that electricity is clean takes a large blame. Most just think electricity comes from the ground and as long as there's nothing coming out of the car's tailpipe, it's clean. Try using water, there isn't enough. Try using coal, it's too dirty and pollutes (and contributes to the global warming story). Try using natural gas and the methane is blamed for creating a hole in the ozone. Try using nuclear and oh my god, who wants that in their backyard. Try using solar panels and people wonder why they can't run their air conditioner when it's 90 degrees outside.
If people want electricity they're going to need coal. If they want transportation, they're going to need oil.
Hurricane Ida is going to be a problem this week.
Within a 5 mile radius of my house gas is anywhere from $2.79 to $3.25 per gallon. Nearest to me the average is about $3.07/gal
Gas within a mile of my house is $2.84 to $2.97 a gallon. My phone app says a Shell station 3 miles away has gas for $2.27.
I've noticed a wide range as well. 5 miles could equal 10 cents.
Those are good prices, though I noticed many stations advertise their "cash" price which can be 10 cents lower.