Crude oil prices have tanked to their lowest levels since Russia's invasion of Ukraine

[mystery-ak]

Crude oil prices have tanked to their lowest levels since Russia's invasion of Ukraine
Huileng Tan
10 hours ago


    Oil prices have fallen to their lowest levels since Russia's invasion of Ukraine on February 24.

    Recession fears are putting a damper on demand for oil, sending futures down 10% this week alone.

    Gas prices in the US have been falling for 49 straight days.

Oil prices have fallen to their lowest levels since Russia's invasion of Ukraine as recession fears sent futures tanking 10% in a week.

Benchmark US West Texas Intermediate settled 2.1% lower at $88.54 a barrel on Thursday — down about 10% this week so far. They were trading at $88.98 a barrel at 12:10 a.m. EDT on Friday.

Benchmark international Brent crude oil futures settled 2.75% lower at $94.12 a barrel on Thursday — down 14% this week to date. They were trading at $94.42 a barrel at 12:09 a.m. EDT on Friday.

Both grades surged to well over $120 a barrel earlier this year after Russia invaded Ukraine.

The fall in oil prices come as a relief for consumers who are already battling soaring inflation, with average gas prices in the US falling for 49 straight days as of Thursday. President Joe Biden said in a tweet on Wednesday that more than half of gas stations in the country are now selling gas at under $4 a gallon.

Energy prices were rising rapidly even before the Ukraine war due to a resurgence in demand as the pandemic ebbed. Price gains extended on fears of a supply disruption after the war started, as Russia is a major oil exporter.

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https://markets.businessinsider.com/news/commodities/oil-price-crude-futures-lowest-levels-since-russia-ukraine-invasion-2022-8?miRedirects=1

[Wingnut]

Demand is falling here in the US.  People have changed their diving habits and are driving less so that they can afford to put grocery's on the table.

So we really aren't putting any more money in our pockets.

FJB.

[catfish1957]

I knew oil price would not be unsustainable at $120/bbl, just as I knew the same at  $20/bbl.

90% of the time (inflation adjusted) oil has resided in the $50-60/bbl range.  That's the calm norm.

What the green whackos are hoping is that this price remains on the higher side of the scale, to at least give some level of cost effectivness to their insane push toward EV's.  If gas sits and remains about $2-3/ gallon.  Almost all that incentive goes out the window, except for the very most insane of the greenie weenies.

[DefiantMassRINO]

Opposing market forces (supply, demand) striving towards a new, stable price equilibrium.

[catfish1957]

Opposing market forces (supply, demand) striving towards a new, stable price equilibrium.

And the left has waged a multi pronged attack on both. (See their intent above)

[DefiantMassRINO]

The Left wants to end Western Civilization.

[dfwgator]

[Fishrrman]

$89.01 at 5.45pm...

[libertybele]

The Left wants to end Western Civilization.

They want Marxism, Socialism, or Communism. I cannot comprehend why they want to collapse this Republic other than because of their own greed. Nor can I comprehend why the average Joe and Jane liberal can't see what is happening to this country.  I still run across those who will stand up for Joe and still blame Trump almost 2 years later.  The question I always ask them is if they think that they are better off under Joe and like empty shelves at the grocery store and higher gas prices ... then they use the it's Putin's fault crappola.  Sometimes you just have to realize that there's no fixing stupid.

[LMAO]

It’s finally below four dollars a gallon here

One of the pluses of a recession is it will bring down oil prices and subsequently gas prices