Watch for Rising Gasoline prices this summer

[Stewy]

(08-10-2023, 11:06 PM)grampahol Wrote: Another reason oil prices have gone up is most of the Russian crude is either offline or about to disappear. They can't ship enough of it since the only warm water ports they have are on the Black Sea and there happens to be a war going on there. The bulk of Russian oil is in permafrost and once that shuts down and winter hits it's done. Pipes crack and everything has to be rebuilt from scratch and without western oil companies are there with the expertise that oil is going off the market for at least a decade and that's if the war and sanctions ended today. 
Another factor is the global flow of crude oil over the past 50 years only really happened because the US Navy kept freedom of navigation on the high seas protected. We've pretty much gotten out of being the global ocean cops for everyone else. Just the price of insurance for a tanker to sail 10 feet much less around the world has skyrocketed. The world is changing rapidly and were bracing for another potential global war and this time it won't be jihadists trying to knock down a few buildings with commercial jets..  One of our saving graces is the shale revolution and it just happens to be in abundance close to where most of us actually live. The rest of the world doesn't have mass shale fields close to population centers. The US is extraordinarily blessed with the greatest geography on this planet. Bar none!    
If you think oil prices are bad here take a look at the problems facing the rest of the world.. The rest have to either import nearly all of their energy or they're in pretty damn hostile parts of the world. The US for better or worse is not really a trading nation since we can grow our own food and generate the bulk of our own energy needs. Plus we have a badass navy capable of getting most of what we need when push comes to shove most anywhere in the world..Another thing to consider is oil in the global markets is all pegged to the US dollar..We have the rest of the world by the shorthairs whether they like it or not. 

Interesting take, but doesn't fit with current data.  Russia is still pumping away.

https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Exports-Remained-Steady-As-Revenues-Rose-In-July.html