Today-10/28/21 at 6:30 PM-EST a barrel of crude oil cost $82.91

[Empirica]

Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?

According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!

U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."

 

[lurchadams]

Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?

According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!

U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."

The cost of unleaded has dropped 10 cents/gallon in one week here in the Seattle area. Are you going to give Joe credit for that?

 

[Phys251]

Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?

According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!

U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."

Waiting to see how long it takes for someone to blame Biden.

 

[lurchadams]

Waiting to see how long it takes for someone to blame Biden.

I think that's the point of this OP.

 

[Phys251]

I think that's the point of this OP.

It's funny to watch this obvious right-wing talking point. As if the majority of Americans are dumb enough to believe that the President sets global gas prices.

Same crowd, mind you, that tells us to "adapt" to catastrophic climate change. They can't even adapt to gas going up by a few dimes.

 

[AGENT J]

i personally learned this way back in 10th grade but here's what a foreigner posted one time on another board to another poster crying about gas prices and i think fits here perfectly . . .

-------------------
Imagine being a grown adult with the American type of education available to you and even google, yet you still think that your president controls gas prices or is even largely influential to them. How much ignorance does that take to just ignore the fact that oil is a global commodity and it’s traded on the stock market in “futures”. I'm guessing you don’t even know what that means. We won’t even talk about the audacity it takes to cry about prices right now and blame them on the president Back in February world economists were already saying prices were going to drop because of covid and supply vs demand (do you know what that is?), then raise earlier than expected and probably hit a high we haven’t seen in a while. Yes, in FEBRUARY of 2020 but here we are in 2021 {and people are crying and blaming an American president]. It's people like you that give Americans bad names. You will probably be that same simple shit that blames Biden when your taxes go up this year because you aren’t smart enough to understand Trump's Tax Cut was actually not a cut but a tax delay and taxes are scheduled to go up in 2021, 2023, 2025 and 2027. And oh yeah they will NOT be going up on the rich only the middle class . . . you are a buffoon!"
------------------------

 

[lurchadams]

It's funny to watch this obvious right-wing talking point. As if the majority of Americans are dumb enough to believe that the President sets global gas prices.

Same crowd, mind you, that tells us to "adapt" to catastrophic climate change. They can't even adapt to gas going up by a few dimes.

I'm not sure - but I know it's true - I'm thinking several of our members would still like to blame Obama.. you remember him.. "the terrorist Kenyan". trump was a huge pusher of that lie. And now the entire GOP party is being led around by insane conspiracy theories. How far the right has fallen

 

[highroller]

It's funny to watch this obvious right-wing talking point. As if the majority of Americans are dumb enough to believe that the President sets global gas prices.

After Donald Trump I will never doubt the stupidity of the American people.

 

[upsideguy]

Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?

According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!

U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."

The price of crude is quite volatile. Looking at the price over a one year period means nothing. Crude oil prices are still much lower than they were in the Summer of 2008, and about where they were in January of 2018. If you are trying to make some type of political statement here then just stop, there is none to be made.

Crude Oil Prices - 70 Year Historical Chart

Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today's latest value.

www.macrotrends.net

 

[reflechissez]

Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?

According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!

U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."

And?

 

[Integrityrespec]

The cost of unleaded has dropped 10 cents/gallon in one week here in the Seattle area. Are you going to give Joe credit for that?

A ten cent drop after $1.25 gallon rise since he became President. The Biden fossil fuel war is what has caused U.S. oil prices. He shut down about half the drilling and fracking and production of natural gas on government leases. It's all Joe's fault, he single handedly cut the production claiming he was going to make it up in wind and solar but only a moron cuts one before having the other ready to make up the difference. Joe is a total moron who doesn't care about how his actions effect the nation.

 

[Common Sense 1]

Biden shuting down pipelines did not help.

 

[upsideguy]

Biden shuting down pipelines did not help.

While your statement is correct, it did not help, it also did not hurt. That pipeline had zero to do with US oil prices.....

Revisiting The Blame For High Gas Prices

Because I get reader feedback on this topic on a weekly basis, I once again explain what is and is not behind the rise of gasoline prices.

www.forbes.com

Suspension of Keystone XL Pipeline to have no impact on local gas prices, experts say

Experts said the move did little to harm the number of permanent jobs coming from the pipeline.

www.kens5.com

VERIFY: Is recent spike in gas prices caused by President Biden canceling Keystone XL Pipeline?

According to GasBuddy, the national average price of gasoline may jump 10-20 cents per gallon in the coming weeks.

www.firstcoastnews.com

A ten cent drop after $1.25 gallon rise since he became President. The Biden fossil fuel war is what has caused U.S. oil prices. He shut down about half the drilling and fracking and production of natural gas on government leases. It's all Joe's fault, he single handedly cut the production claiming he was going to make it up in wind and solar but only a moron cuts one before having the other ready to make up the difference. Joe is a total moron who doesn't care about how his actions effect the nation.

ah no. You really do not understand what is going on in this area.

Fact check: Rising gas prices due to high demand and low supply, not Biden's policies

A post online claims the recent increase in gas prices is associated with President Joe Biden. This is false.

www.usatoday.com

 

[dockside]

Biden shuting down pipelines did not help.

The Keystone Pipeline was never producing so shutting it down made no difference in the supply of oil. And, in addition, that oil was crude oil that was destined for the Far East as the U.S. does not have the refineries available to process that very dirty crude oil, obtained by fracking.

But, of course, since Hannity or Brietbart said that, without producing any evidence whatsoever, you spew it everywhere.

 

[What if...?]

I

Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?

According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!

U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."

I suspect an Arab farted somewhere.

That always results in more expensive fuel the next day. Even though the gas in the pump has been in country for at least ninety days.

And it takes months to go back down even if there isn't another fart.

 

[donhughesmusic]

Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?

According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!

U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."

In January of 2020 it was over $63 dollars. In 2018 the average for that year was $71.34, but I bet you didn't criticize Trump for HIS high oil prices did you?? Hypocrite.

Brent crude oil price annually 1976-2024 | Statista

The 2024 preliminary price of Brent crude oil averaged around 80 USD per barrel, as January. This was 20 USD below the 2022 annual average.

www.statista.com

 

[coyote505]

A ten cent drop after $1.25 gallon rise since he became President. The Biden fossil fuel war is what has caused U.S. oil prices. He shut down about half the drilling and fracking and production of natural gas on government leases. It's all Joe's fault, he single handedly cut the production claiming he was going to make it up in wind and solar but only a moron cuts one before having the other ready to make up the difference. Joe is a total moron who doesn't care about how his actions effect

Is American oil dirtier than Arab and Russian oil? Does it make any more CO2? Then what Idiot would discourage the production of American oil, while encouraging the production of Arab and Russian oil? One who wants to make Putin's oil magnate buddies richer? Maybe Hunter DID earn his keep.

 

[PoliSciPulse]

General comment: Most people (Besides maybe everyone on this thread) will not take this into account against Democrats/Biden in the 2022 midterms. I did a project a while back and found that 95% of all races are determined within two months. So if things look better in September of this year, Democrats will win. If they don't, they lose.

 

[The Work Outing]

Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?

According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!

U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."

Oh come on now?
You honestly cannot figure it out?

The Covid depression obviously cut demand for oil GIGANTICALLY.
So, the price plummeted.

And now that the economy is recovering?
Naturally, the price of oil is going back up.

What the heck is to understand?

 

[EMNofSeattle]

Oh come on now?
You honestly cannot figure it out?

The Covid depression obviously cut demand for oil GIGANTICALLY.
So, the price plummeted.

And now that the economy is recovering?
Naturally, the price of oil is going back up.

What the heck is to understand?

There was no Covid depression. There was wild government overreaction.

 

[The Work Outing]

There was no Covid depression. There was wild government overreaction.

It does not matter what the reason for it was.
The fact remains that - by definition - the GDP dropped sufficient to be classified as a depression.

 

[Lord Tammerlain]

God people are stupid

Sept 2020 the globe was still in the economic shutdown due to covid 19. Oil demand dropped drastically, production was shut in and exploration of new wells was dropped

Sept 2021, the world was opening back up, economies nearly back to pre pandemic levels while oil supplies globally were still trying to catch back up

 

[Gatsby]

Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?

The world needing more oil as it slowly emerged from the COVID recession.

 

[Tbird19482]

Biden shuting down pipelines did not help.

Can I ask just what "PIPELINES " are you talking about?
I didn't know he shut any more then just the Keystone XL pipeline down
Did He ?
I didn't hear or read of any more then that but if there is more I would like to know about it
and as for the XL pipeline it wasn't even anywhere near being done and able to transport oil It was still several years away from that
so I will ask you like I have asked many people on this forum just how did shutting down a pipeline that wouldn't be able to transport oil for several years drive up oil prices now and so fast?
and here is another question I have been asking , the right keeps talking about Biden shutting down the XL pipeline and driving up oil prices because of it but haven't said ONE word about the Keystone LINE 3 being put back on line.
It was shutdown back in 2017 when Trump was President and people on the right didn't say a word about that , Yes a pipeline that WAS actually transporting oil was shutdown and the right didn't say a word but when Biden shut one down that wasn't transporting any oil they went all wild
and one more thing they blame Biden for prices going up and oil production going down but never say a word about the Russians and Saudi's having a price war back last year that drove prices down so low they were almost giving it away and the US producers could not compete and shut their wells down
then they put pressure on Trump to get the Saudi's to stop the price war and cut their production and RAISE PRICES yes RAISE PRICES well Trump did that then starting last fall our and world consumption went up and our oil producers could not get their wells up and running fast enough
and here is where the right starts crying again when Biden went back to the Saudi's and asked them to increase their production to stabilize supply and oil prices they did a little but still not enough so prices went up
so as we all can see it is ALL Biden's FAULT
Have a nice evening

 

[Tbird19482]

A ten cent drop after $1.25 gallon rise since he became President. The Biden fossil fuel war is what has caused U.S. oil prices. He shut down about half the drilling and fracking and production of natural gas on government leases. It's all Joe's fault, he single handedly cut the production claiming he was going to make it up in wind and solar but only a moron cuts one before having the other ready to make up the difference. Joe is a total moron who doesn't care about how his actions effect the nation.

I have question for you
you said " The Biden fossil fuel war is what has caused U.S. oil prices. He shut down about half the drilling and fracking and production of natural gas on government leases. It's all Joe's fault"
just what wells were shut down on federal lands ? what drilling on Federal lands were shut down?
Biden stopped the giving out ( selling) of leases on federal lands he did NOT stop oil companies from staring new wells on the millions and millions of acres that oil companies already have leased
if an oil company already have federal land under lease they can still drill and frack on it
so what Biden did , did not stop oil companies from drilling new wells or fracking on the federal land they already had under lease

have a nice night