Oil $60!!!!!

by Tom Moore on Feb 16, 2021 7:00:00 PM

Here is why oil prices have increased and will continue increasing (if OPEC and Russia keep a steady hand):

Shell said that in the next decade, it would cut production of traditional fuels such as diesel and gasoline by 55%. Its oil output has already peaked
OPEC and the International Energy Agency said second-half oil demand would outstrip production – quickly drawing down the former glut of crude
New Government orders banning fracking and killing pipelines

The US has again shifted to be a net importer of oil (it had been a net exporter).

This all leads to oil being $60.15 per barrel on Tuesday and Diesel is $2.88 – unless you live in California, and then it is $3.63!

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