So many fascinating factors go into this that my mind plays with scenarios (including the fantasy that Congress decides, “hmmm, the Fed seems to be useless - let’s abolish it!”) Peter, without troubling you to find an industry equation, what would be your rough guess on the effect on oil prices of China’s energy demand plummeting far more than OPEC expects? That is, would it take a drop in China’s expected energy demand of 10, 20, or 25% to keep US gas prices below $4 by the Election? I realize supply would also be concurrently adjusting, and there would be confounding time lags, but I’d like to see Biden lose the Election, and $4/gallon gas prices in November would help.
I'm not selling my (petro) energy stocks!
So many fascinating factors go into this that my mind plays with scenarios (including the fantasy that Congress decides, “hmmm, the Fed seems to be useless - let’s abolish it!”) Peter, without troubling you to find an industry equation, what would be your rough guess on the effect on oil prices of China’s energy demand plummeting far more than OPEC expects? That is, would it take a drop in China’s expected energy demand of 10, 20, or 25% to keep US gas prices below $4 by the Election? I realize supply would also be concurrently adjusting, and there would be confounding time lags, but I’d like to see Biden lose the Election, and $4/gallon gas prices in November would help.
$4.00 a gallon, good grief they have finally come down to 3.09 after for an eternity at 3.19 to 3.39, or even worse.
"I sure could use some $1.68 gas and a few mean tweets" said John Rich.