I'd like you to put on your Carnak hat and predict the direction of oil over the next year. I have the capacity to store both diesel/heating fuel and gasoline. Yesterday was a better day the today but that option is past. I'd appreciate your opinion as to whether to buy now or wait till fall. Thanks.
Fuel prices are about as high as they were 7 years ago and still rising every week. Some places around here have prices for gas and diesel over $3.70 a gallon.
Housing market is somehow still going but with lumber and plywood about 5 to 6 times higher than where they were a few years ago I don't know why they are still building houses, unless all the new buyers are selling their overpriced home in California and swarming the rest of the country because not many locals can afford a new home the last year or two.
My "Carnak hat" is telling me that the Biden administration is inept and inflation will rise, and his anti-energy policies will ensure that fuel prices remain high regardless of what happens to the economy. I think all of this will cool a once hot economy, but oil prices will stay high, probably adding another 40-50 cents per gallon over current prices. Inflation will edge up above 7-9% by the end of the year. We are already at 5.4% per the June CPI. And I have my optimist Carnak hat on.
I'd like you to put on your Carnak hat and predict the direction of oil over the next year. I have the capacity to store both diesel/heating fuel and gasoline. Yesterday was a better day the today but that option is past. I'd appreciate your opinion as to whether to buy now or wait till fall. Thanks.
My opinion is jaded because I live in "the oil-patch". https://www.homesteadingforum.org/threads/economics-hyperinflation-and-more.11872/post-319431
Production and exploration got torched when demand during the pandemic pushed oil below $0 per barrel.
Oil companies took it on the chin big time and they are about to get 'payback' .
My prediction: oil products will not be cheaper than they are right now, for the next 2-3 years.
*The previous contains forward-looking statements, which everybody should know by now, are meaningless.
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