Oil Prices Are Set To Surge Even Higher This Summer

[discocrisco01]

Source: Oilprice.com

The combination of limited new supply options, increasing risks to traditional supply, and growing demand around the world, is set to send oil prices even higher this summer.

Oil prices have been edging higher this week as improving demand signals highlight the lack of supply options in oil markets if there is a drastic contraction in Russian production, a likely outcome if the European Union bans Russian oil.

The US-Iran antagonism is set to increase further after US authorities seized two laden oil tankers in the Mediterranean, anchored in Croatia's and Greece's territorial waters, for allegedly smuggling oil for Iran's Revolutionary Guard Corps.

The UK government will impose a 25% windfall tax on profits of oil and gas companies until the end of 2025 at the latest, stating that the surcharge might be removed when prices return to "Historically more normal levels", without specifying what they are.

Read more at https://oilprice.com/Energy/Energy-General/Oil-Prices-Are-Set-To-Surge-Even-Higher-This-Summer.html

[Calista241]

1. Biden needs to make nice with the Saudis

Yes, i know they’re not the best allies and there are real problems over there, but they could end this inflation spike tomorrow if they wanted to.

Would there be other supply chain issues, there sure would; but if oil came down to $70 again, lives, prices, and and our November elections prospects would be in much better shape.

[bucolic_frolic]

4. " they could end this inflation spike tomorrow if they wanted to." No.

Supply chain encompasses many goods and transportation services. It's not just oil, and any effect on inflation from falling oil prices would take several months to begin.

[ProudMNDemocrat]

2. Being that Oil is a world market commodity item, the Republicans WILL blame Biden for it.

And their voters will eat it up. Blame the rise in gas prices on him without understanding that Crude Oil is traded throughout the world; that world events, production, supply and demand, determine overall prices.

MANY people are just plain IGNORANT about Economics and Republicans prey on people's emotions to garner votes. Democrats need to counter that messaging somehow.

[MichMan]

7. That goes with the territory of being the President fair or not

We would be doing the exact same thing if Republicans were in charge.

Chuck Schumer was on TV blaming Trump for high gas prices in 2018 when it was $3 per gallon. Hard to blame it on ignorant voters when we do the very same thing.

[New Breed Leader]

3. Just the way Republicans want it

[no_hypocrisy]

5. Why not find rapprochment with Venezuela and Iran?

Wouldn't that offset the Saudi's stranglehold on production?

[Bettie]

8. Meanwhile, Oil companies continue

to grow their profits every quarter....oh, they are suffering so!

They are checking to see how much they can raise it all until we stop traveling. Once they hit that point, they will lower it to just below that point and that will be the new starting point. Then, a few years later, they will find a reason to start raising again...it's all about price gouging and the fact that in this industry, as in most these days, there is no real coemption and no meaningful regulation.

Food and gas. They know we need both here in the US and they will squeeze out every penny they can, simply because no one will stop them.

They could charge less and still make their profits, but they must have exponential increases constantly.

[cilla4progress]

9. Good time to

go electric.

Offer subsidies on electric cars.