'Economic destruction' may lie ahead as
oil prices push higher, analyst says
CNBC,
by
Abigail Ng
Original Article
Posted By: NorthernDog,
3/3/2022 10:08:20 AM
Oil prices are spiraling higher on supply concerns as the Russia-Ukraine crisis develops, and this could lead to demand destruction and an economic recession, according to an oil analyst. "I'm concerned that we don't have enough oil at all here, and we need to go to $120 to $150 [per barrel], and then we get into economic destruction," said Paul Sankey of Sankey Research. The firm sees oil trading between $100 and $150 per barrel until the situation in Ukraine is resolved, according to a research note. International benchmark Brent crude futures jumped 3.24% to $116.59 per barrel, after earlier
Reply 1 - Posted by:
blueline 3/3/2022 10:15:16 AM (No. 1088523)
Thanks again to all the BiteMe voters and the GOPe/neverTrump cabal for foisting Captain Magoo & his circus on us.
21 people like this.
Reply 2 - Posted by:
DVC 3/3/2022 10:27:19 AM (No. 1088541)
Two benefits in one for the PuppetMasters.
They can crush the American middle class and US oil companies at the same time as funding the Russian war machine.
18 people like this.
Reply 3 - Posted by:
marbles 3/3/2022 10:32:27 AM (No. 1088549)
None of need the MSM to tell us what we know.
3 people like this.
Reply 4 - Posted by:
Son of Grady 3/3/2022 10:39:20 AM (No. 1088567)
Just a thought, But maybe Biden and the demonic party/deep state
have coordinated with Putin the overthrow of Ukraine to further push the instability
of the world in the continued effort to destroy the U.S.?
I would not put it past this government and Russia to play "Good cop, Bad cop"
on the world stage.
12 people like this.
Reply 5 - Posted by:
jalo1951 3/3/2022 10:43:36 AM (No. 1088571)
We are in for a sh** load of trouble on so many fronts. The price of oil will affect everything and their cost. Recession? I'm thinking depression.
20 people like this.
Reply 6 - Posted by:
EJKrausJr 3/3/2022 11:39:49 AM (No. 1088623)
FJB continues to fubar America. It's what he has been ordered to do, and he is doing exactly that.
6 people like this.
Reply 7 - Posted by:
Venturer 3/3/2022 11:48:01 AM (No. 1088633)
There is absolutely no excuse for America to be having shortages of fossil fuel and its price increases. NO EXCUSE.
The problem-----------------JOE BIDEN.
Putin would not be taking Ukraine if Trump was President.
North Korea would not be testing Missiles.
We were energy independent.
Inflation was not rampant there were products on the shelf.
The SOTO speech was a pack of lies.
The election was corrupt and crooked.
8 people like this.
Anyone checked the price of wheat today? Double what it was a month ago.
1 person likes this.
Reply 9 - Posted by:
Geoman 3/3/2022 12:40:50 PM (No. 1088694)
I'm starting to think that our oil companies should openly defy Biden and ramp up drilling and production with the American people providing human shields against enforcement actions. We may lose but it's worth trying to avoid going back to the 18th or 19th century energy-wise. My favorite petroleum geology professor was also a historian. His dissertation was based on the hypothesis that mineral exploitation was the single-most critical element facilitating leisure time, thus the arts. If people are spending all of their time as hunter-gathers or fighting for basic shelter, then they don't have time for the arts. Even Abraham Maslow recognized the human hierarchy of needs, which simply recognizes that humans first focus on the basics of food, water, and shelter (physiological needs). Once those needs have been met, then the higher-level needs, such as safety, belonging, and ultimately making "Black Panther" movies can be addressed. The destructive left's policies towards energy are intended to send Americans back to a pre-industrial agrarian status, leaving America ripe for external conquest.
2 people like this.
Reply 10 - Posted by:
Jethro bo 3/3/2022 1:05:42 PM (No. 1088725)
Relax. Its just welcome back Carter time. Many of us have lived through this before. Sure, poverty and homelessness will increase. Sure jobs and businesses will be lost. Sure selves will be empty and we will have a lower standard of living. But thanks to Carter, we avoided acid rain, droughts of biblical proportions, cglobal cooling, new Ice Age, massive starvation with billions dead, famine, dead oceans and lakes, eliminated O zone, increasing hot summers (reported in 1988!), rising sea levels (1988) and so many other catastrophic man made problems. So we will avoid all the above problems and many more by simply decreasing the availability of good and services while enduring a recession. Thanks Diaper Joe for saving the planet just like Carter did 40 years ago. Those who fail to learn history, are doomed to repeat the same mistakes.
4 people like this.
Reply 11 - Posted by:
bldrrepub 3/3/2022 1:09:12 PM (No. 1088735)
Well, yeah....but no mean Tweets.
2 people like this.
Reply 12 - Posted by:
kono 3/3/2022 2:02:50 PM (No. 1088803)
Seems to me economic destruction has been precisely the aim of the globalist elites all along -- to push the economy over the edge, so that government-provided incomes are the only option in the "new normal" after the "great reset". They thought it achieved during Obozo's racist reign, until PDJT pulled us out of the nose-dive before impact.
At least that's what I thought. Now I'm beginning to think the Trump rebound was more of a Dead Cat Bounce than an actual Recovery.
2 people like this.
Reply 13 - Posted by:
stablemoney 3/3/2022 2:11:28 PM (No. 1088817)
At $110 dollars a barrel, there are no supply concerns. You can buy all you want. Saudi, Iran, Iraq, Kuwait, Venezuela, North Sea, Africa, all are ready to sell at that price. Only the U.S. is not ready to sell, because Biden has shut down oil and gas production in the U.S., putting us on wind. As a result, we are hoping for a windy March.
2 people like this.
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We're sailing into unknown territory with Captain Magoo at the helm.