What's new
Fluxoid forums

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Oil bust inevitable

jmanz

I bought you the sims
Oh look oil sticking it to the consumer. Middle of Summer as well. Prices of fuel going up yet nothing on the media. I'm not worried, you know how it goes. Another month and it will bottom out again due to oversupply.
Actually I just heard today that we are asking the Saudi's to pump a lot more since we are having trouble getting it out of the ground fast enough. Pipelines full, lack of transportation drivers and such. Mainly in the Permian (Texas). Venezuela going under took quite a bit of oil off the table.
 

jmanz

I bought you the sims
The Pres just confirmed and tweeted that he asked the Saudis to pick up the slack and pump more oil to offset Venezuela and Iran. That probably will temper prices for now. Demand is still high.
 

nodle

Forum Nazi
Staff member
Keep an eye on Iran and this threat of closing down the strait. This could potential affect oil in a good or bad way.

The Strait of Hormuz links the Persian Gulf to the Arabian Sea. The US Energy Information Administration calls it "the world's most important oil transit chokepoint," with 20% of oil traded worldwide moving through the waterway, which is about 30 miles wide at its narrowest point.
 
Top Bottom