Tag Archives: oil price speculation

The speculators are getting hammered…

Well…this always brings a smile to my face when it happens…it looks like the oil price speculators and traders are getting hammered today with the price dropping by 14.20 a barrel or almost 12% when the speculators were betting on the price to hit 150 bucks a barrel by the end of the week…it looks like the loss of Russia’s oil has already been priced into the market at 110 bucks a barrel and with the price of gasoline rising so much in the past two weeks, usage is plummeting and we may even see a glut even with the Saudis siding with Putin and Russia and cutting their production to support the price…and with the Saudis refusing to even discuss the price with Biden, another “leader” of a country has made a huge miscalculation by snubbing the US as the US does everything in it’s power to increase supplies and get the price down. What are you going to say now repubs? These traitors have been all over the news the past couple of days blaming Biden for the increase in gasoline cost so will they now admit that his efforts has dropped the cost by 10% today? Of course not, with these cynical bastards pushing to cut off Russian imports just to have another issue to hammer Joe with when gas prices rise, the media needs to ask every damn one of them what their role was in cutting off Russian imports and why they are attacking Biden for it when they all voted for it. It will be interesting to see how this shakes out over the next week or so…I’m sure we’ll see some pretty wild swings in oil prices but 200 dollar oil? Nope…and I hope every one of these damn speculators loses their shirt…geez…