Oil is going up, if US attacks Iran what will oil get to?

[888theGreat]

Oil up 5% today. What will oil get to if war with Iran breaks out. When oil prices go up , so does grocery prices, and everything else. What happens if Iran completely destroys Saudi oilfields? If oil hits $300 a barrel , gas at pump will be $12 to $15 a gallon. Then what will inflation be? If it happens it is on Trump. US should not fight Israel's wars for them.

Updates

5 mo

I can conclude from answers of Trump worshipers on here , they are all retarded. No wonder Trump said he loved dumb people , they vote for me.

Updates

5 mo

Oil up 3% more today

[loveslongnails]

For some of the REALLY stupid magats, it will take gasoline hitting $8 or more a gallon, and natural gas going up even more, and electricity even more, before they ask " Uh, my savior, what's going on?"

It's ridiculous to think this is what they need, and to walk into grocery stores with barren shelves and food prices twice what they already are today. But some people are just THAT stupid.

[BonzoInBitburg]

Iran outplayed Trump. Trump can't risk high gas prices going into the midterms so he won't attack. If he did, OPEC countries would scale back oil production and spike prices. Trump has no leverage in the Middle East right now.

[Pohjolan]

@BonzoInBitburg
He may have to depending on who has copies of Epsteins hidden camera footage.

[RavVid]

China gets a substantial amount of it's oil from Russia and Iran and up to this point has been filling it's reserves. If both Russia and Iran exports are disrupted than I guess it will be competing with other countries for other sources like Saudi.

There is of course a difference between spot prices and contract prices and I have no idea how much of supply is under contract. Conceptually there might not be oil to buy for China or only at very high spot prices.

The US is self sufficient with diesel and gas so technically prices should be isolated for you unlike most countries but I guess that depends on what levers exist. On the world market your diesel and gas would sell for more. In the back of my mind I seem to recollect the US does have some controls.

A long way to say it's complicated and dunno

[Sevenpointfive]

i think it's israel that wants to destroy us from within. they are very middle eastern in their plans though. americans don't play around when it comes down to it. i haven't heard any news at all from venezuela? america could be genociding and we wouldn't know until after a week. that's exactly how this administration plays too!

so why would oil go up? it would be great if everyone bought a foreign EV. i wonder how hard no more gas would hit them? we'd still need some but not a lot.

[lightbulb27]

Go up more. But it's up on speculation, usually on the news... it's sold down again. Be a long time til Venezuala is opened up.

He's attempted to resolve a lot of big open issues all within 3 years. It's likely oil goes up anyways on a dollar basis.

It's a good time to lock in oil contracts then...

[lightbulb27]

for what it's worth Berkshire bought more oil company... hint hint...

[Dargil]

Iran's portion of the world market is just over 9%. With our control over venezuela, and the willingness of Alberta to up his oil production when it becomes an independent state that should make up for any losses from Iran's oil production being removed from the market. I see no problem here.

[888theGreat]

US doesn't control Venez. Where did you get that? She isn't doing what Trump wants

[Dargil]

Sure we do. If she steps too far out of line, we will come for her too.

[888theGreat]

not with all of our Navy around Iran

[noohair]

If you understood the Iranian regime, you would understand that they want to start holocaust to bring the 12th Imam. They believe this more strongly than Christians would welcome Jesus. They fervently believe that the United States and Israel must be totally destroyed for the Imam to come. Iran will use nuclear weapons to start this holy process. As an economist, I hate war because it is a total waste of valuable resources and human life. But the Iranians must be stopped from this insanity.

[Abbycado]

Trump just wants another war he can claim he stopped, even if it means starting it.

[888theGreat]

Can't get Peace price starting wars and killing women and children.

[Abbycado]

Or threatening annexation of another country for not being awarded it. Smh.

[Zack-Bann]

Unless the “war” goes by as fast as it did Venezuela. It wouldn’t take enough time for the oil prices to rise and the disappearance of a long standing disruptor will actually help the economy

[Kelley1]

It doesn't matter what the price of oil is. People have sufficient money whether gas is $3 a gallon or $6 a gallon. Furthermore, there is plenty of oil from oil shale and tar sands so if the price is high much more oil will be produced.

[888theGreat]

most people won't be able to afford it. People can't come up with $500 in a emergency. Credit cards are maxed out now.

[exitseven]

things are different from the 70s when OPEC created a gas shortage. The US produces twice as much oil as Saudi Arabia which is the second largest producers. and over 4 times as much as Iran.

[888theGreat]

We are a world economy , if they shut Strait down , we are going to $15 a gallon

[exitseven]

the US has theyr own oil fields and we have a couple of refineries. This will insure we have enough energy at reasonable rates. This is the plan to become energy independent. Anythi g left over can be sold to the rest of the world. Iran is like a fart in the wind.

[888theGreat]

US can't process it fast enough

[exitseven]

that is true but every month production is ramping up.

[Anonymous]

BRICS drops the dollar and trades oil in gold

The US has to admit Fort Knox is empty and can't enter the world stage

Maybe a rixed rate is established between the 2 commodities

[Likes2drive]

The US produces much more oil than they do so you’re never gonna see gas prices as high as you’re saying , that’ll just increase the electric vehicle sales if that were the case

[Mike_Hum]

bahaha, I love the fantasies you create. It's like bad fan fiction of a chinese bot who hates Trump and wants to sow discontent.

[888theGreat]

Well I can think way ahead of what could happen, where as you think a few minutes ahead and can't understand basic cause and effect.

[Mike_Hum]

Right. Did gas go up to $13 a gallon at any point during our war with Iraq? yes or no?

[888theGreat]

Oil never reached $300 a barrel. Highest ever was $160. However , The straits have never been blocked either , which is what Iran is promising to do.

[888theGreat]

Again , you moron , Iraq could not block the straight. Uf Iran blocks it , no ships pass through , and oil will be $300 a barrel or more. Iran is not Iraq. Did you pass high school?

[Mike_Hum]

You seem like an angry elf.

[XXblack88]

I think even if it does go up in price states CA, NY etc are going to be hit the hardest

[Kelly6]

Is US attacks Iran Oil price will go down, because US is doing that for oil dah

[888theGreat]

That is not how it happens. Are you a Blonde with big breasts and high heels? Oil is already going up. 5% today. You might want to study US History and look at 1979 .

[Pohjolan]

Depends a lot on how it plays out.

[beefcakebradybatson]

OIL'S well that ends (hopefully) well !!!

[snermcger]

$175