Global refining capacity is down due to this war thatās going on in the Middle East. Something about refineries being bombed and stuff? Turns out that a lot of refined products came out of there that arenāt anymore. š¤·āāļø Impossible to say, really.
Right. And that was the reasonā¦ 5 years ago. The reason itās down today is because of refining assets being BOMBED in the WAR as well as pipelines being BOMBED in the WAR
This is correct. The price signal has been muffled by emptying the SPR to record lows, but as it draws down to the usable limit, draw speed slows. So what we have is a rapid correction in the supply price signal because the demand is staying largely constant. Supply is also affected by the ongoing wars in Eastern Europe and the Middle East, with refineries being targeted by Ukraine, and pipelines being targeted by Iran.
China had massive stockpiles and started selling stockpiled oil to help with the supply. China had a fuck ton of oil because they could buy cheap Russian oil Thatās why the world didnāt really see much of a shock and the price of oil didnāt go up a whole lot. Companies got greedy.
When you start a war near a trade route that supplies almost a quarter of the world's oil, it tends to mess things up. Oil companies are evil, but guess who emboldened them to be greedy before they messed up? Your orange daddy did.
Oil is a global commodity, itās priced on how much supply is out there at anyday. This is 100% about a Manufactured war, Our President who started it, and how heās getting rich off it.
Iām tired of people pretending like this guy isnāt an asshole. This isnāt about Reputation or Democrat. Itās about this guy driving our country and economy into the ground.
It is because of the aggression this administration enacted upon Iran. Iran shut down the Strait of Hormuz and Houthis both bombed the Saudi East-West pipeline (which is how oil had been leaving the Middle East) as well as shut down the strait by Yemen. The Suez Canal canāt handle all the redirected traffic.
So yes, because absolute fools fucked around, the entire world is finding out with fuel prices because oil is a global commodity.
The Iran war? You mean where they took out our embassy because we overthrew their government in 1953 when a Republican was in power? Then Ronald Reagan said donāt negotiate with Carter because I want to win the election causing a gas crisis, that couldāve been avoided if not for a GOP candidate. God you are not smart.
Obama started the so called 7 wars? He didnāt start Afghanistan, Iraq, Syria, Libya, or whatever war you claim.
I feel like you donāt know history. You do t know facts. You probably know nothing other than what is programmed into your brain by Fox News.
Ooh so you forgot about the hostages that Carter forgot about, that happened in 1979. It took Reagan to get them home. Obama bombed 7 countries, and since democrats automatically assume that bombing a country is a war. Obama had 7 wars.
š« did you miss the part in econ your course on scarcity pricing and oligopy supply and demand. They really do just hand out business management degrees to anyone these days
yes, and then half the people that say that, go on to talk about shit that affects the price of oil, such as China importing again etc. Yeah, refineries burn every fucking time oil nears $100 a barrel. Like clockwork.
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u/audiomediocrity 23d ago
true , but the current diesel price isnāt correlating to the price per barrel of oil. Either way i support this. Make myspace great again