Running Out Of Oil and Gas?

[Dani87x]

I agree with the whole war situation but that's not the real reason as to why the prices are sky rocketing. The crucial role of the international oil exchanges in London and New York is crucial to the game. Nymex in New York and the ICE Futures in London today control global benchmark oil prices which in turn set most of the freely traded oil cargo. They do so via oil futures contracts on two grades of crude oil—West Texas Intermediate and North Sea Brent. Brent is used in spot and long-term contracts to value as much of crude oil produced in global oil markets each day. Major oil producers including Russia and Nigeria use Brent as a benchmark for pricing the crude they produce. Brent is a key crude blend for the European market and, to some extent, for Asia. The price of crude oil today is not made according to any traditional relation of supply to demand. It’s controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds.

 

[SupraMario]

I agree with the whole war situation but that's not the real reason as to why the prices are sky rocketing. The crucial role of the international oil exchanges in London and New York is crucial to the game. Nymex in New York and the ICE Futures in London today control global benchmark oil prices which in turn set most of the freely traded oil cargo. They do so via oil futures contracts on two grades of crude oil—West Texas Intermediate and North Sea Brent. Brent is used in spot and long-term contracts to value as much of crude oil produced in global oil markets each day. Major oil producers including Russia and Nigeria use Brent as a benchmark for pricing the crude they produce. Brent is a key crude blend for the European market and, to some extent, for Asia. The price of crude oil today is not made according to any traditional relation of supply to demand. It’s controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds.

There is your answer.

 

[supralover2]

Crude oil? And so we arent getting enough oil for our demands pretty much

 

[trucker]

well, in spite of what they say, the refiners are not running anywhere near capacity.

and gas/oil isnt getting more exoensive....the dollar is getting weaker

 

[te72]

well, in spite of what they say, the refiners are not running anywhere near capacity.

and gas/oil isnt getting more exoensive....the dollar is getting weaker

There is a key point to take away from this conversation. Affects not only how much it costs to fill your *car* up, but how much it costs to fill *you* up too.