The "news" is upset that crude oil prices fell 12% ???

[INresponse]

Am I reading this wrong or is this "news" report complaining about a drop in the price of crude oil?
Sooo, they want us to pay $4 or $5 a gallon, or more, for gasoline?

"WTI crude oil tumbled more than 12%, or $15, to settle at $108.7 per barrel, registering its worst day since Nov. 26. Earlier this week, WTI topped $130 per barrel briefly — a 13-year high — during escalated geopolitical tensions.
Brent crude oil, the international benchmark, fell a similar 13%, or $16.8 to $111.1, for its biggest one-day drop since April 2020. Brent has just hit $139 on Monday, its highest since 2008.
The move in oil lower came amid indications of possible progress by the U.S. in encouraging more oil production from other sources. Reuters reported that Iraq said it could increase output if OPEC+ asks. Secretary of State Antony Blinken also signaled that UAE would support increased production by OPEC+."

https://www.msn.com/.../oil-drops-12-for-worst.../ar-AAUQLAc

 

[Curmudgeon]

The move in oil lower came amid indications of possible progress by the U.S. in encouraging more oil production from other sources. Reuters reported that Iraq said it could increase output if OPEC+ asks. Secretary of State Antony Blinken also signaled that UAE would support increased production by OPEC+."

I find it odd that Reuters is unaware of this.

https://www.msn.com/en-us/news/worl...-calls-disappointed-with-us-report/ar-AAUPdud

 

[Supervisor42]

Am I reading this wrong or is this "news" report complaining about a drop in the price of crude oil?
Sooo, they want us to pay $4 or $5 a gallon, or more, for gasoline?

"WTI crude oil tumbled more than 12%, or $15, to settle at $108.7 per barrel, registering its worst day since Nov. 26. Earlier this week, WTI topped $130 per barrel briefly — a 13-year high — during escalated geopolitical tensions.
Brent crude oil, the international benchmark, fell a similar 13%, or $16.8 to $111.1, for its biggest one-day drop since April 2020. Brent has just hit $139 on Monday, its highest since 2008.
The move in oil lower came amid indications of possible progress by the U.S. in encouraging more oil production from other sources. Reuters reported that Iraq said it could increase output if OPEC+ asks. Secretary of State Antony Blinken also signaled that UAE would support increased production by OPEC+."

https://www.msn.com/.../oil-drops-12-for-worst.../ar-AAUQLAc

Of course they are. They had a perfectly good covid-panic going and Putin killed it.
Then they had a good oil & gasoline panic going and you put 2 rounds right thru the middle of it.
Panic sells news. No panic, no Amerricans watching their commercials. They are grasping at straws now.
In case nobody has been watching , the invasion of Ukraine has ground to a halt.
The citizens have dug in and the fragile people have been evacuated.
Only thing on the news lately has been about the refugees.
Back on topic: You can stick any price on anything you want. That doesn't mean people will pay it. They tried putting $300 on a sheet of plywood when the pandemic started.
They sold zero sheets.
Was that price real? No.