OPEC + Cuts Oil Production Again

[cernjSHU]

OPEC + cuts production by another million barrels a day as oil went under $80 a barrel. This is I think the fourth production cut in a year and a half. It seems every time we are heading for sub $3.00 a gallon gas, OPEC+ cuts production. https://www.energyintel.com/0000018c-2197-d894-a3ce-33bf0d7d0000

Meanwhile, US production sets record of producing the most oil ever.

 

[SHUHoopsFan]

More worried about not buying oil in USD in anymore.

Oil Pricing Without Dollars: Is It Possible?

What would happen if Saudi Arabia joined Russia in abandoning dollars in oil pricing? It’s time to ask.

www.energyintel.com

 

[sami]

OPEC + cuts production by another million barrels a day as oil went under $80 a barrel. This is I think the fourth production cut in a year and a half. It seems every time we are heading for sub $3.00 a gallon gas, OPEC+ cuts production. https://www.energyintel.com/0000018c-2197-d894-a3ce-33bf0d7d0000

Meanwhile, US production sets record of producing the most oil ever.

But my question is, why should we be heading for sub-$3.00 gas?

I saw a great chart that I wish I could share. It has inflation-adjusted gasoline prices going back to the 70’s. The table was annual average gasoline prices by year.

Inflation adjusted, the average gasoline prices since the 70’s has been over $4.00 per gallon. Amazingly steady. In fact, the prices in the earlier years were a bit above $4.10 per gallon and over the last decade or so, they’ve dropped to $4.00-$4.10.

Surprised me that just maybe the price of gas should be around $4.00 a gallon.


Though I can’t find anything online that represents that. I’d just be surprised if Lord Abbott would have a study that is totally out of wack, but maybe I was missing something.

 

[shu09]

That's not the case. I found this just now, interesting to see how events affect the price. While some years have been at $4/gallon in today's dollars, the average is far less.

Average Gas Prices in the U.S. Through History [Updated]

Gas Prices Through History [Updated] We might deny it. We might diminish its importance. We might not like it. But the fact is that gas prices are intrinsically linked with the overall economy in the U.S. and have been for decades. Oil gluts and crises consistently correlate with economic...

www.titlemax.com

 

[sami]

That's not the case. I found this just now, interesting to see how events affect the price. While some years have been at $4/gallon in today's dollars, the average is far less.

Average Gas Prices in the U.S. Through History [Updated]

Gas Prices Through History [Updated] We might deny it. We might diminish its importance. We might not like it. But the fact is that gas prices are intrinsically linked with the overall economy in the U.S. and have been for decades. Oil gluts and crises consistently correlate with economic...

www.titlemax.com

Yeah, saw that as I tried to pull something together. I’d have to get that slide because there has to be a nuance in the presentation.