Gas prices are lower, & will likely stay lower. Pres Biden perfectly timed the refilling of the Strategic Petroleum Res. Oil prices hit their lowest levels in months -boon to American markets & slowed US inflation even more.
In a surprise move, 8 producers led by KSA & RU laid out a detailed plan to gradually phase out 2.2M bpd of prod. cuts from Oct 2024 thru Sept 2025, meaning oil supply will start increasing in the fourth quarter of this year.
Der jüngste Versuch der OPEC+, die Ölpreise zu stützen, hatte wenig Erfolg. Das könnte sich auch an den Tankstellen bemerkbar machen. Allerdings spricht viel für bald wieder steigende Spritpreise. Von D. Landmesser.
CNN: #ScottSheffield, founder and longtime CEO of American #oil producer #PioneerNaturalResources, attempted to collude with #OPEC and its allies to inflate prices.
...
Unlike with OPEC nations, US oil production is supposed to be decided by the free market, not by coordination among the major players.
US Oil producers withheld prod. to DRIVE UP OIL PRICES BY COORDINATING WITH #OPEC.
-h/t M Stoller
Exxon is set to close its $60B deal for Pioneer following an agreement with #antitrust enforcers not to add fmr Pioneer Chief Exec Sheffield to its BOD.
Fmr Pioneer CEO Sheffield would often publicly signal to US producers -they should hold back pumping more oil & gas in order to keep prices high.
FTC alleges he also conducted a prv. campaign directly with OPEC officials: serious allegation of collusion to raise prices on Americans at the gas pump -to pad the profits of FF cos. Sheffield has campaigned to org. anticompetitive coord output reductions b/w US crude oil producers -incl. OPEC.
met my bestie when we were transfer undergrad students at #NYU trying to navigate a new city and new culture as twenty-something n00bs.
they called to discuss the #StudentProtests. they don't use social media and still depend on legacy media.
they said you would not know these protests were organized with the blessing of Jewish Voices for Peace and in solidarity with Jewish student organizations. she doesn't recall seeing anything about Seders on campus protests. 🧵
«In a written statement, NYU spokesperson John Beckman said the university is not considering divestment because it is trying to maximize returns on its endowment to “help the university fulfill its research and educational mission.” Beckman said NYU’s endowment — which is valued at around $5.9 billion — is smaller than that of its peers “on a per student basis.”» https://nyunews.com/news/2024/04/25/israel-divertment-protests-continue/
there is too much money to be made by being a vector of #OPEC influence in the heart of American Empire; 🧵
@RealJournalism
HEADS UP: As the election grows near, the #OPEC nations are going to cut production and push gas prices up 40%-50% in time for the election to try and oust #Biden.
An den Rohstoffmärkten sind schwankende Preise normal, doch in den vergangenen Jahren waren die Ausschläge besonders stark. So gab es beim Lithium einen starken Preisverfall. Was steckt dahinter? Von Bianca von der Au.
Russia became the largest exporter of crude oil to China last year, ahead of Saudi Arabia and Iraq
In 2023, Russia supplied a record 107 million tons of crude oil to China, or 2.14 million barrels per day. Imports from Saudi Arabia fell by 1.8% to 85.96 million tons.
Due to the sanctions, most countries avoided Russian oil, so Russia sold it at a big discount. However, prices rose after a jump in demand among Chinese and Indian refiners. #AureFreePress#news#Russia#OPEC#oil#China#India
Angola leaving OPEC over production cuts & inflated oil prices suggests that oil markets are in similar conditions to those of the early 80s. Back then, OPEC was riding high off of the 1979 Oil Shock's record prices. Howver, even as early as 1980 they knew inflation had devalued their windfall and that only got worse as interest rates rose. These prices also drove investment in alternative energy sources like the North Sea oil. 1/2 https://www.bbc.com/news/world-africa-67793369 #oil #OPEC #econtwitter #Economics
According #OPEC, #oil will retain a 30% share in the global energy mix in 2045. That equates to billions of tonnes of CO2 emissions, much of which will accumulate in the atmosphere and persist, driving up CO2 concentrations to over 460 ppm and global average temperature to ~1.8°C
It’s just after midnight on December 13th in #Whitehorse#Yukon. It’s above freezing outside, it’s raining, and what little snow we have is quickly melting.
Ihr wollt wissen, warum es in #Dubai bei der Weltklimakonferenz KEINEN Beschluss zum globalen Ausstieg aus Kohle, Öl u Gas geben wird?
Hier ist ein Teil der Antwort: #COP28#OPEC#FossilLobby
All over the world Climate turned the corner this year. In Canada we had our worst wildfire season EVER before summer even hit. In 2023 the COP global climate conference has never been more important yet more compromised. Your daily #COP28 coverage begins here
That said there appears to be WAY more pressure to phase OUT (not just down) fossil fuels at #COP28 than I thought, & it's not just taking #OPEC by surprise but all those legions of greenwashing oil lobbyists & #PathwaysAlliance too. Good
Unternehmen wie Exxon, Blackrock, Deutsche Bank, Gazprom, BP, TotalEnergies, RWE und andere zerstören für den schnellen Profit durch Finanzierung und Durchführung fossiler Projekte wissentlich unsere Lebensgrundlage.