Gasoline (and other fuel) prices are skyrocketing everywhere.  When I listened to the news last night it was said that this has been the fastest escalation in gas prices since tracking began.

Gasoline always goes up during "vacation season" in the USA, but the war in Ukraine has had a hugely destablilzing effect on the world in general and energy commodities markets in particular.  It's gonna get much worse before it gets better, that's a certainty.  And most of that is due to "irrational doom" rather than true, huge changes in oil availability like we saw, for instance, during the Arab oil embargo of the early 1970s.  Russia doesn't account for more than a drop in the proverbial bucket of US oil consumption, but it accounts for a lot more of total oil and gas consumption in Europe.  The ripple effects from Europe losing, or intentionally cutting itself off from, the Russian energy market will travel around the world.
--

Brian - Windows 10, 64-Bit, Version 21H2, Build 19044

Under certain circumstances, profanity provides a relief denied even to prayer.

        ~ Mark Twain

Gasoline (and other fuel) prices are skyrocketing everywhere.  When I listened to the news last night it was said that this has been the fastest escalation in gas prices since tracking began.

Gasoline always goes up during "vacation season" in the USA, but the war in Ukraine has had a hugely destablilzing effect on the world in general and energy commodities markets in particular.  It's gonna get much worse before it gets better, that's a certainty.  And most of that is due to "irrational doom" rather than true, huge changes in oil availability like we saw, for instance, during the Arab oil embargo of the early 1970s.  Russia doesn't account for more than a drop in the proverbial bucket of US oil consumption, but it accounts for a lot more of total oil and gas consumption in Europe.  The ripple effects from Europe losing, or intentionally cutting itself off from, the Russian energy market will travel around the world.
--

Brian - Windows 10, 64-Bit, Version 21H2, Build 19044

Under certain circumstances, profanity provides a relief denied even to prayer.

        ~ Mark Twain

Hi:  Shutting down the Keystone gas line didn't help this problem either.

Dave

On 3/7/2022 4:36 PM, Brian Vogel wrote:

Gasoline (and other fuel) prices are skyrocketing everywhere.  When I listened to the news last night it was said that this has been the fastest escalation in gas prices since tracking began.

Gasoline always goes up during "vacation season" in the USA, but the war in Ukraine has had a hugely destablilzing effect on the world in general and energy commodities markets in particular.  It's gonna get much worse before it gets better, that's a certainty.  And most of that is due to "irrational doom" rather than true, huge changes in oil availability like we saw, for instance, during the Arab oil embargo of the early 1970s.  Russia doesn't account for more than a drop in the proverbial bucket of US oil consumption, but it accounts for a lot more of total oil and gas consumption in Europe.  The ripple effects from Europe losing, or intentionally cutting itself off from, the Russian energy market will travel around the world.
--

Brian - Windows 10, 64-Bit, Version 21H2, Build 19044

Under certain circumstances, profanity provides a relief denied even to prayer.

        ~ Mark Twain

On Fri, Mar 11, 2022 at 10:39 AM, Gene wrote:

I won't go into the other problems with the argument.

-
The "Drill, Baby, Drill!" crowd seems to constantly think that tiny ripples in supply, which should have minimal impact, are solved by starting activities that wouldn't have an impact for years or where, if a course of action had been taken, it's influence is one of the proverbial "drop in a bucket."

This isn't a supply and demand issue, it's a standard market reaction to geopolitical turmoil thing.  Look at the lines for gas now.  They're not at all like the lines of, say, the Arab Oil Embargo era where supply really was hugely impacted and shortages were real.  These are to beat the price increases everyone knows is coming, not because anyone is worried that there will be no gas at the pumps.

Just as the term "irrational exuberance" was coined to describe market bubbles where things increase in value completely at a disconnect from "the fundamentals," there also exists its flip side.  And when you add actual, reasonable concern about price increases many will have great difficulty affording, we get what we've got.

We can't "supply side" our way out of this when it's not really about the fundamentals of actual supply, particularly in the American market.  But you can be sure that drilling on already existing leases that have lain fallow because oil prices were not high enough will start being used as quickly as possible.  The oil business has always been boom, bust, and when the price of oil is up, however briefly, it booms.
--

Brian - Windows 10, 64-Bit, Version 21H2, Build 19044

Under certain circumstances, profanity provides a relief denied even to prayer.

        ~ Mark Twain