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WTI has stabilized around $95 today, for the time being.  At least that suggests we won't see continued increases, and probably will have a smallish drop.

I think it more reflects the belief Ukraine isn't going to be as disruptive to markets as was feared.  I don't think OPEC is pumping more.  And there likely was some short covering going on.

I think it was the OXY president who said they couldn't pump more in the US right now due to parts and labor shortages.

I guess Joe Biden did a great thing in bringing gas prices back down.  Thanks, Joe.  Good job, buddy.  It's all your doing.

I guess Joe Biden did a great thing in bringing gas prices back down.  Thanks, Joe.  Good job, buddy.  It's all your doing.

well, he sure as hell didn't help the situation. not only did he completely fail to even attempt diplomacy, he flatly refused negotiation with Russia on the NATO topic. He couldn't even get the Saudis on the phone (he's been trying for 6 months prior to the war in Ukraine to get the Saudis to bring oil prices down, and they've refused his requests every time- which is his own stupid fault- as when he initially got into office it was Biden who refused to speak to MbS), and he decided to go ahead and ban Russian oil.

market had an overreaction and spiked as I'm sure speculation was that everyone would follow US lead and start banning Russian oil imports. Russia is the 2nd largest oil exporter in the world, and thankfully nobody else banned Russian oil imports except our bitch boy lapdogs the British- and that was more of a phase out that immediate ban- and market started to cool back down.

Presidents can have massive sway over oil prices. To suggest otherwise is just not only stupid, it's factually incorrect.

That sure is a lot of bashing for a good outcome.  Interesting.

It's not bashing. It's well deserved criticism.

do you think Saudis would refuse to pick up Donald Trump's phone call and continually publicly give him two middle fingers in the ways in which they are doing to Biden? Yeah, don't think so.

It appears that we have gotten fortunate that the rest of the "free world" and major purchasers of Russian oil exports- EU, South Korea, Japan (these 3 account for 50%+ of Russian oil exports)- didn't follow US lead in imposing strict bans. US purchases just over 1% of Russian oil exports and UK another 1% - but UK are doing a phase out- they are still buying until the end of December.

Saudis could've cooled price immediately by announcing they are ramping production to levels never seen before. Biden was trying to get them to do this and announce it. They publicly told the entire world "yeah, we just told Biden to f**k off and refused his phone call, and now we're telling him to really f**k off by inviting Xi on an official state visit to the kingdom and are having high-level discussions with Xi to price our oil in yuan."

Say what you want about Trump, that never happens with him in that chair. Period.

That sure is a lot of bashing for a good outcome.  Interesting.

Good outcome 

Wait, when did gas prices "come back down?"

😂😂😂😂😂