I will edit to add a reference, but OPEC is cutting 1+ million barrels / day. This is on top of previous cuts.

I am sure the Biden voting globalists will be along to tell us that if we want to avoid higher gas prices, we need to pour money into an environmentally damaging luxury priced EVs.

Biden and friends keep delivering for the American people. Grifting them from the bottom up and middle out.

https://www.reuters.com/business/energy/opec-meets-debate-production-quotas-new-cut-sources-2023-06-04/

Good - rising gas prices tend to wake people up.

Thanks to Biden, the SPR is down to close to 300 million barrels at this point. And OPEC cuts mean he'll keep draining it in a desperate attempt to keep prices low(er) and his popularity numbers from going negative

For reference, that's enough to run the country for about 2 weeks if we had to rely on it

And to think that with an administration that was not at war with domestic oil & gas, this wouldn't be news.

Wow, that's a 10% cut to world output.

Eta, nope sorry, misread it. That's a little over 1%

This production cut along with the normal price increase from shifting back to the summer blends is going to mean big increases at the pump.

I am generally an optimist, but this along with the spending in the recently approved budget deal has the potential to wreak havoc on the economy. Inflation anyone?

And that Canadian tar sand oil keeps flowing east……..far east.

Ag87H2O said:

---

This production cut along with the normal price increase from shifting back to the summer blends is going to mean big increases at the pump.

I am generally an optimist, but this along with the spending in the recently approved budget deal has the potential to wreak havoc on the economy. Inflation anyone?

---

My concerns as well. Im most curious about what will be done to interest rates by the fed.

B-1 83 said:

---

And that Canadian tar sand oil keeps flowing east……..far east.

---

Technically, that'd be West..

Cha-Ching, Cha-Ching


Cornpop is KTG for the O&G folks

This is good for Texas oil right???

Will Hunt said:

---

B-1 83 said:

---

And that Canadian tar sand oil keeps flowing east……..far east.

---

Technically, that'd be West..

---

Indeed. I should have said to the far east.

TAMU1990 said:

---

Good - rising gas prices tend to wake people up.

---

In theory, I agree but $7 gas in California didn't do it and these days you've also got the insufferable EV crowd.

I think we need to reach about $12/gallon before people pull their heads out and start paying attention.

HollywoodBQ said:

---

TAMU1990 said:

---

Good - rising gas prices tend to wake people up.

---

In theory, I agree but $7 gas in California didn't do it and these days you've also got the insufferable EV crowd.

I think we need to reach about $12/gallon before people pull their heads out and start paying attention.

---

I think you may be on to something, but adding the extra digit once cent past $9.99 will be the initial wakeup.

I think some places hit that in the last runup, no?

Good thing we (the US) are doing our best to cut down on our production and Russia's exports (not to China) alike. That's really helping our foreign policy. /Xi Jinping and his puppets in DC.

Maroon Dawn said:

---

Thanks to Biden, the SPR is down to close to 300 million barrels at this point. And OPEC cuts mean he'll keep draining it in a desperate attempt to keep prices low(er) and his popularity numbers from going negative

For reference, that's enough to run the country for about 2 weeks if we had to rely on it

---

Doesn't matter, Electric Vehicles will save us!!!!

B-1 83 said:

---

And that Canadian tar sand oil keeps flowing east……..far east.

---

So true, I wish there was some economical and ecologically safe alternative out there to get O&G products out of the ground. Wonder where that could be.

Logos Stick said:

---

Wow, that's a 10% cut to world output.

Eta, nope sorry, misread it. That's a little over 1%

---

Who said there was gonna be math up in here?

Some oil industry guy said on Cavuto today that the Russians are selling oil to Pakistan and we are buying it from Russia. We are one naive nation to let thes crooks tell us what to do.

What we be funny is if Exxon, chevron, bp, she'll would all cut production too. Run the price up to 200.

Kozmozag said:

---

What we be funny is if Exxon, chevron, bp, she'll would all cut production too. Run the price up to 200.

---

If the price hits $200 then you can be sure that Biden will push to refill the SPR.

5.99 gas prices, I sure have missed thee.

Huh?

Quote:

---

"This is a Saudi lollipop," Saudi Energy Minister Prince Abdulaziz told a news conference. "We wanted to ice the cake. We always want to add suspense. We don't want people to try to predict what we do... This market needs stabilisation".

---

So he wants to add suspense but in same breath wants to make it stable? Wouldn't being transparent make it more stable?

I don't think this guy knows how to use the English language.

Thanks to Joe, we are proper ****ed.

He's been draining the SPR to try to push prices down. OPEC will continue to cut as long as he continues to drain it. And by his logic, he will have to keep draining.

Of course if he refills, he will pay the saudis a higher price.

He's somewhat cornered.

Until the SPR is empty.

fka ftc said:

---

HollywoodBQ said:

---

TAMU1990 said:

---

Good - rising gas prices tend to wake people up.

---

In theory, I agree but $7 gas in California didn't do it and these days you've also got the insufferable EV crowd.

I think we need to reach about $12/gallon before people pull their heads out and start paying attention.

---

I think you may be on to something, but adding the extra digit once cent past $9.99 will be the initial wakeup.

I think some places hit that in the last runup, no?

---

I don't think anyone broke $10/gal.

I think maybe a full service station in Beverly Hills and some stations in a couple mountain towns in the Sierras like Lee Vining got to $8 or $9.

fka ftc said:

---

I think you may be on to something, but adding the extra digit once cent past $9.99 will be the initial wakeup.

---

Prediction:
When\if this happens, sellers will switch to selling by the liter\quart (European Style) and people will.be too stupid to figure it out.