Billionaire oil refiner warns Biden to ‘open up the spigots’ or things 'will get worse

[SnakeBoy]

Ultimately, there might not be much to beg for. There's plenty of articles talking about the Saudis declining reserves and whether or not they can increase production enough to keep prices in check. The fact that prices are so high but the Saudi production has decreased is pretty concerning.

Oh yeah, they can't save his bacon. Even if they could increase production some, Libya is offline now so that's a million barrels a day lost. Looks like we have to wait for the demand destruction recession before prices come down.

Seems to be two schools of thought now. One is oil shoots up $150-200 and causes the recession this year. The other is we chug along as we are the rest of the year and get the recession next year.

[SpursforSix]

Oh yeah, they can't save his bacon. Even if they could increase production some, Libya is offline now so that's a million barrels a day lost. Looks like we have to wait for the demand destruction recession before prices come down.

Seems to be two schools of thought now. One is oil shoots up $150-200 and causes the recession this year. The other is we chug along as we are the rest of the year and get the recession next year.

Can't remember where I read it but someone put the odds of a recession this year at 1/4, and next year at 3/4.
It's hard to disagree with the price of gas and food going up so much. It's not a quick fix.