Biden said in a Thursday press conference that Americans would suffer high gasoline prices for as long as it takes for Russia to be defeated.
New York Times’ Jim Tankersley asked the President on the final day of the NATO summit in Madrid how long American drivers would have to pay a premium for gasoline.
“The war has pushed prices up—they could go as high as $200 per barrel, some analysts think. How long is it fair to expect American drivers and drivers around the world to pay that premium for this war?” Tankersley asked.
“As long as it takes so Russia cannot, in fact, defeat Ukraine,” President Biden replied.
“If we do these things—and it’s estimated we could bring down tomorrow, if they—if Congress agreed and the states agreed, we could bring down the price of oil about $1 a gallon at the pump—in that range. And so we could have immediate relief in terms of the reduction of the—of the elimination of—temporary elimination of the gas tax. And so, I think there’s a lot of things we can do, and we will do, but the bottom line is, ultimately, the reason why gas prices are up is because of Russia. Russia, Russia, Russia,” President Biden added.
The Biden Administration has been under extreme pressure to bring down the prices at the pump for Americans. Gasoline prices began to rise early in 2021 as post-pandemic demand began to come back online. U.S. refiners are now running at 95% of capacity, and there are no new refineries due to come online in the United States. Gasoline prices spiked even higher as crude oil prices rose in the wake of Russia’s invasion of Ukraine.
Yes.. It is disappointing. Hibiscus PR haven't helped by remaining silent over the past 6 weeks while 1.2 billion of shareholders value disappeared. I beleive alls good but there's a lesson to be learnt here about perception and managing that. I also don't beleive the short selling numbers the SEC states.. Clearly it's been manipulated over the last month..
dah dpt at rm0.905.. cuma sebab hold balance masa tu at rm1.22+ so when get at rm0.905 jadi reduce to rm1.02+ kena final one more time at rm0.905 n below baru dpt average at rm0.95+
i guess only until Hibiscus showing great profit @ 100 brent crude that we'll see a rally in Hibiscus share price. Otherwise, everyone will keep on wondering if the Repsol deal is a so-so deal, at least Q3 earning report is suggesting that. Sigh!
Oil and gas companies have emerged as the only bright spot in a deeply bearish U.S. stock market, thanks to soaring commodity prices fuelled by the war in Ukraine.
The S&P 500 ended H1 2022 with a 20.6% fall, marking its worst H1 since 1970. In sharp contrast, the S&P 500 energy sub-index, comprising 21 big oil and gas groups, jumped 29.2% in the year-to-date and stands out as the only sector in the green so far in the year.
Although the oil price rally appears to have stalled over the past month, thus capping further gains for the energy sector, a cross-section of Wall Street believes that oil prices still have plenty of upside. One such bull is J.P. Morgan Chase, which last week warned that global oil prices could climb to a "stratospheric" $380/bbl if G7 nations succeed in imposing caps on the price of Russian oil and prompt Vladimir Putin to inflict retaliatory production cuts. "The most obvious and likely risk with a price cap is that Russia might choose not to participate and instead retaliate by reducing exports. It is likely that the government could retaliate by cutting output as a way to inflict pain on the West. The tightness of the global oil market is on Russia's side," JPM analysts wrote.
Citi using the fear of recession to SHORT oil to US$65/barrel. It is trying to make some profit from this SHORT in CQ3 .
Just recall back the totally lockdown in 2020 CQ1-CQ2 [ means ZERO activities on the road for normal people like you and me] . Oil average price around US$45/barrel....
Now all can fly, Recession also can fly and travel....hehe
All the Oil and Gas company do not believe Crude Oil can be pushed down by Dollar due to supply chain totally broken from Russia, they keep buy the the Crude Oil future instead of hedging/sell the price cause them having huge loss from Crude Oil future, Do you think FED able to control the Crude Oil price directly or indirectly ? the truth proof that it can be.
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
MQ Trader 228 views | 1 d ago
0:17
New IPO: An enterprise IT solutions provider that provides implementation services, maintenance, support and professional services, Vetece Holdings Bhd aims to list on the Ace Market!
MQ Trader 449 views | 5 d ago
0:17
New IPO: A manufacturing and trading of biomass fuel products, particularly PKS and wood pellets company, Elridge Energy Holdings Bhd aims to list on the Ace Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
VTrade
2,434 posts
Posted by VTrade > 2022-06-30 09:56 | Report Abuse
Oil have to support at 111