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this post was submitted on 09 Sep 2024
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Gas prices are rumbling. OPEC is busy trying to prop them up.
But OPEC propping up prices is actually them reducing production, isn't it?
I don't think they've quite decided what to do. Some say that there is really nothing they can do. The problem is soft demand from China and huge US production
But OPEC is the solution to that. If OPEC were willing to take the hit, they can still profit even with a surplus large enough to lower prices and drive frackers out of business
The US is the biggest producer and is not part of OPEC. There is no reason for the US to comply with OPECs supply targets, which is the way OPEC controls the market.
True enough, but between higher costs of drilling plus yet more cost for fracking, US oil is more expensive. US drillers can only be profitable if they can sell at a fairly high rate. OPEC can flood the market to lower all prices while still making a small profit, yet US drillers would be losing money
Oil is sold on the market at barrel cost, set by OPEC. Should that barrel cost be below US pumping costs the US will lower production. So far that isn't the case and the result is a lower market and lower gas costs. I'm sure OPEC can flood the market making prices even lower. Speaking for the American consumer, I say "Bring it on".