WTI down 40% in just 10 weeks, 10% in past two weeks; media starts to blame Trump, then...
Enjoying low gasoline prices this Christmas season? This week we saw lots of stations selling regular for just under two bucks a gallon, something you'd think would be warmly welcomed by hard-working Americans, and praised by the media.
Of course the media haven't said a word about it. The media only mention gas prices under two scenarios: Republican president and they're high, or Dem prez and they're reasonable.
So did it occur to anyone to wonder WHY gasoline is so reaonably priced? Be honest: It never occurred to ya. Cuz the media hasn't said anything about it, so you wouldn't notice. But here's something interesting:
This is the daily closing price of a thing called "WTI." If you're a reasonably well-informed adult you know that WTI stands for "West Texas Intermediate," which is a benchmark grade of crude oil.
As you see, on October 3rd it closed over $75 per barrel ($76.90). Today it closed at $45.65--an amazing, astonishing drop of 40 percent in ten weeks.
The difference between the two prices is worth roughly a quarter of a billion dollars a day to Americans.
Any of you curious to know why it dropped?
If you're a liberal, you couldn't care less. Your party's leaders have told you repeatedly that oil companies are eeeevil, but they provide a necessary evil, so they'll be tolerated a bit longer.
But seriously: Has the situation in the Middle East suddenly brightened, so that we're looking at a long period of no threats to the world supply of crude? Not that I've noticed.
Perhaps the big companies that use crude oil think we're about to see a slowdown in the world economy, so they've cut back their demand, causing prices to fall? That's more plausible, but hard to see how they'd forecast that so early.
I suspect the real reason is that increased U.S. oil production--with help from Canada--has cut our dependence on imported oil, while also reducing the leverage of foreign producers like Saudi Arabia and Russia.
Wait, I thought just 8 years ago the brilliant Democrats--led by the emperor--absolutely assured you that it was useless, pointless, to increase drilling. Absolutely useless, citizen!
Hmmm....I wonder: Do they ever get tired of being wrong?
Nah.
For original, click here.
Of course the media haven't said a word about it. The media only mention gas prices under two scenarios: Republican president and they're high, or Dem prez and they're reasonable.
So did it occur to anyone to wonder WHY gasoline is so reaonably priced? Be honest: It never occurred to ya. Cuz the media hasn't said anything about it, so you wouldn't notice. But here's something interesting:
This is the daily closing price of a thing called "WTI." If you're a reasonably well-informed adult you know that WTI stands for "West Texas Intermediate," which is a benchmark grade of crude oil.
As you see, on October 3rd it closed over $75 per barrel ($76.90). Today it closed at $45.65--an amazing, astonishing drop of 40 percent in ten weeks.
The difference between the two prices is worth roughly a quarter of a billion dollars a day to Americans.
Any of you curious to know why it dropped?
If you're a liberal, you couldn't care less. Your party's leaders have told you repeatedly that oil companies are eeeevil, but they provide a necessary evil, so they'll be tolerated a bit longer.
But seriously: Has the situation in the Middle East suddenly brightened, so that we're looking at a long period of no threats to the world supply of crude? Not that I've noticed.
Perhaps the big companies that use crude oil think we're about to see a slowdown in the world economy, so they've cut back their demand, causing prices to fall? That's more plausible, but hard to see how they'd forecast that so early.
I suspect the real reason is that increased U.S. oil production--with help from Canada--has cut our dependence on imported oil, while also reducing the leverage of foreign producers like Saudi Arabia and Russia.
Wait, I thought just 8 years ago the brilliant Democrats--led by the emperor--absolutely assured you that it was useless, pointless, to increase drilling. Absolutely useless, citizen!
Hmmm....I wonder: Do they ever get tired of being wrong?
Nah.
For original, click here.
**mandatory Google warning: "We haven't verified the above information. Unless we verify it, you should assume it never happened. Remember, citizen: If we or our Trusted Sources don't verify it, it almost certainly never happened.**
posted by SF at
5:39 PM
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