Price of oil rising on problems with Syria

Syria has little to none oil production.

The oil market is doing a CYA. Purchasers are locking in supply, in case all hell breaks loose.

But if all hell does not break loose, which is most likely cuz all we seeing now is bluster, then the price of oil will drop back down.

All this is not the important take away , however. The fact that oil moved at all, is telling. It says that the oil market is tightening . That supply/demand are more balanced. We've had a supply glut for the past few years, that has finally been worked off. It says if there's supply disruption from the Persian Gulf, that there's no other place to go get the oil.

But at the same time , just this past month, US domestic oil production topped 10 million bbl per day , for the first time in ........... in maybe 40 years. We will soon top our peak production that occurred in 1970 or maybe 1971, I can't recall exactly.

So we will see where our gasoline prices are headed, if I knew, I would still be on the Caribbean island, sitting on that same beach, sipping on that drink with the little umbrella.

 

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