Oil Hits $101/Barrel

[Economy 53,072]

https://www.nbcnews.com/business/business-news/oil-hits-100-barrel-middle-east-conflict-intensifies-us-iran-trump-gas-rcna596752

 

Oil has now hit a fresh multi month high of $101 per barrel as the conflict in the Strait of Hormuz drags on

 

Maybe less talked about is the current high crack spread. While $101 is somewhat elevated, there are many periods in history where it has been much higher especially if adjusted for inflation

 

However the difference between raw crude oil and refined products (called the crack spread) is at an all time high as damaged refineries and SPR releases that primarily release only raw oil means the shortage is actually more severe in refined products than oil itself

 

For reference, the current price of gasoline and desiel reflects a price of oil closer to $130 to $140 a barrel if crack spreads were in their averages

[Purrrrrr 18,389]

1 minute ago, Economy said:

high crack spread

Sorry, I'm so immature 

[weed 79,275]

so pissing I'd see joe biden "i did that" stickers on every f*cking gas pump back in the day but now ... nothing, crickets

[The Breast 6,766]

Lake America and New America are bigger priorities tho

[Shadow 6,707]

Just now, weed said:

so pissing I'd see joe biden "i did that" stickers on every f*cking gas pump back in the day but now ... nothing, crickets

You haven't seen these stickers on gas pumps lately?

Trump stickers here in Texas... 

[weed 79,275]

5 minutes ago, Shadow said:

You haven't seen these stickers on gas pumps lately?

Trump stickers here in Texas... 

I've seen like 2 in the last year maybe

Love that they're more used elsewhere

[SavetheEarthNow 255]

Reliance on oil makes everything more expensive. People need to be demanding government invest properly in renewable energy. Solar and Wind energy are the cheapest forms of energy and creating more projects that utilize them would drastically decrease costs of everything. 

[Economy 53,072]

36 minutes ago, SavetheEarthNow said:

Reliance on oil makes everything more expensive. People need to be demanding government invest properly in renewable energy. Solar and Wind energy are the cheapest forms of energy and creating more projects that utilize them would drastically decrease costs of everything. 

Main thing now is cars. Our electricity is already predominantly renewable and/or clean and not fossil fuel - Nuclear, Hydro electricity, wind and solar is now the majority of electricity in Canada. To whatever extent fossil fuel is still burned its predomiantly Natural Gas not oil

 

The petro chemicals will be much harder to replace tho

[River 128,522]

5 hours ago, weed said:

so pissing I'd see joe biden "i did that" stickers on every f*cking gas pump back in the day but now ... nothing, crickets

so put a new one 

[weed 79,275]

7 minutes ago, River said:

so put a new one 

I'd never buy anything with trumps face on it but thanks for the input 

[River 128,522]

3 minutes ago, weed said:

I'd never buy anything with trumps face on it but thanks for the input 

so don't complain then 

[weed 79,275]

32 minutes ago, River said:

so don't complain then 

or what