3 ms·
Oil was $109 when I checked. Some parties may ramp up production but an active military conflcit is going consume a large volume of oil. Prices are only going u
by josefritzishere 8mo ago
Oil was $109 when I checked. Some parties may ramp up production but an active military conflcit is going consume a large volume of oil. Prices are only going up from here.
- frankchn 8mo agoThe direct consumption of oil and petroleum products from the conflict is trivial compared to marine traffic being restricted from passage through the Straits of Hormuz. ~20% of global crude production pass through the Straits.
- deleted 8mo ago[deleted]
- ramesh31 8mo ago>"Prices are only going up from here." There may be some short term spikes, but $100/barrel is the hard limit now. We actually have effectively unlimited oil supplies now, but the economics of it don't converge until that price. At 100$, it becomes feasible for all of the more expensive fracking infrastructure to come back online, which puts a hard cap on the price.