Oil prices are in free fall and could keep going to $40. Which implies $2 gasoline. The greatest legacy of the Iran War could be breaking OPEC -- a 60-year goal of the US.

Peter, if oil falls to $40, the entire US shale patch stops drilling and US oil production will fall by ~40% in the first year. That would be a disaster for the U.S.

Oil prices are in free what?…

Say again?

For someone with PHD in their name you don't seem to understand marginal cost economics much. Full cycle breakevens for marginal cost barrels is about 75/barrel now.

$2.00 for a gallon of gasoline but every gas station will be empty and have none to sell 🫠 Thats what price controls do. The price is manipulated via futures and SPR dumps. The SPR is at historical lows and is being drained past the point of repair. This wont last forever.

Oil prices are falling bc they were falling before the war. Clear sign that economic activity isn’t as strong as people think

Domestic oil production cannot survive long at $40 bbl

Sure 🤡

Oil is at $78 a barrel this morning and going up

Freefall? It's up 4.3% on my screen right now. Oil is more likely to hit $100 than $40 before the year is out.

Dude this might be the most discrediting thing I’ve ever heard a person say. Holy shit. Bums on the street wouldn’t say shit the dumb.

Meanwhile, in Pennsylvania, prices at the pump are increasing. Thieves.

OPEC is losing its monopoly. Asia and Europe are going electric. Work from home is coming back into fashion. Million of jobs are getting automated by AI. The Oil crisis looks increasingly less likely.

Yes, removal and destruction of the key energy base for humanity will somehow make price drop just because they've been managing to manipulate it for this long. How the fuck are you a PhD???

Your Free Falling is defying Gravity: Up $5 in 5 hours.

This is not freefall

Maybe we're not talking about the same thing? Or maybe @profstonge is a propagandist, pie in the sky dreamer. Or maybe he's talking about olive oil or something completely unrelated to what's be shipped out of the Middle East.

The US is now the number 1 exporter of oil yet our prices continue to rise. You blind?

Until tank bottoms hit which could be soon the way the US keeps Fucking around in the middle east

Is "now that the war is over" in the room with us right now?

This didn't age well. Oil is up about 5% today 🍿

Hooyah!

Interesting perspective- the example of China shutting down production is an example of "demand destruction" . On a world wide basis it's a precurser for a world wide depression- not that correlation implies causality. But it's intersting OPEC once controled 80% of the world's oil production and is less than half now is notable.

Suggestion....wait until 4 pm EST to announce oil direction. Major oopsie... In addition to oil going UP, Diesel went up $.28 Gas went up $.18 The war that was won is still being fought??

I thought paid posts needed to be labeled? There is no way Peter actually believes this bs.

I need to hear about what’s going on in Venezuela. How are their production numbers? Who are they selling to? How much is being invested? It seems like this nation should be having a HUGE and positive impact on where oils prices are headed.

Hmm.. that’s an intriguing point.

The Strait of Hormuz is still closed, but oil is going to $2.00. 🥴

Not in Russia!

I'll believe it when I see it. Jumped almost .40 a gallon here in the last week.

Except that the war has escalated in the past 4 days. Both sides launching attacks. Yet it seems the oil markets are impervious to the attacks and keep going ... all thanks to the US Navy keeping the SoH open. Trump's right. We should be getting paid for it.

The war is over? Not so you'd notice.

If the democrats were in power you’d be saying the complete opposite about oil prices and how it’s up. Kinda pathetic

Oil prices are hitting $80 next week fool