Global inflation fears as oil price rises towards $100 a barrel

Yeah, but how are they supposed to keep record profits when their costs are so high. /s
- Don't forget, next year they need to hit 104% the amount they did this year. Crank up the prices!
this user gets it

Good! Make it $1000 a fucking barrel! Any developed nation who genuinely cares about the health of their economy will be highly motivated to get all the way off of oil.

It's been fluctuating in and out of triple digits for many years now. The price is manupulated by those who profit the most. Never so high that we panic away from oil, but always high enough for record profits. Fuck oil.

I want it $1000 a barrel just because of all the train lines it would build. The first time I saw gas get over $5 I was in LA and they very quickly approved the new extensions people are enjoying today.
- Exactly. We don't ever seem to progress without extreme motivation.
- Meanwhile in the UK we have to suffer with privatised Railways. Scum cunts, and that is because the older generation decided they didn't want to pay tax towards it. Imagine having to pay £100 to go 300 miles on a train. Should be 20% of that.
As much as I would absolutely love us shifting from fossil fuels, it also needs to be practical. Suddenly increasing the price of gas doesn't work for rural areas like the one I live in where your car is immensely important to you being able to get to the store or your job and we're not in areas that public transport would be considered due to how small and spread out the towns are. And a lot of us don't have the option to move closer to the cities and the transit opportunities either due to our jobs or just the cost of living required for the city versus our rural homes. We NEED to start working on infrastructure that doesn't only have large cities in mind, but also us on the outskirts of the city or the rural communities will become even poorer than they are now when they have to pay a small fortune just to travel to the store or their jobs.
It is a little bewildering to me how willing many nations are to become dependent on oil even if it means not so quite friendly nations are the source of it. When we have perfectly viable alternatives for most things today.
Russia should have been a wake-up call, honestly.

Oh no! If only we had some other means of creating or storing energy, if only there was a way to rid us of the dependency of oil!

Nuclear?
Everything else has a huge dependency on environmental factors (wind, sunlight, water) or storage resources which are harmful to scale up without safety consideration.
- That's a convenient sound bite that really ignores actual data on renewables.
- Where to you put the trash?
- Nuclear should absolutely be part of the picture. That being said, nuclear does a bad job scaling up for peak demands over base load. Better than solar or wind for sure but not good enough. For a fossil fuel free world we do need energy storage. Luckily pumped water energy storage is pretty viable.

OPEC cartel succeeding in doing what cartels do

We need to get off fossil fuels ASAP, we also should probably wean away from car centricity, it's making us dependent on these oil cartels. They have an oligopoly and they can just yank the prices up if they want and screw over everybody else.

Agreed. Fuck cars
it's a very tall order there
In the US, it's pretty much only Republicans who insist that we stay on the fossil fuel rollercoaster these days.

Quick, increase interest rates! That will show them

So we should expect more interest raises to efficiently transfer money from the poor to the wealthy... ehm... keep inflation at bay...

This is the best summary I could come up with:

Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging by almost 30% since June, after Russian and Saudi Arabian production cuts and rising demand from China.

Earlier this month, Saudi Arabia extended 1.3m barrels per day (bpd) of combined cuts to the end of the year, accelerating a drawdown in global inventories.

The report was released just a day after Opec announced that the market was facing a deficit of more than 3m bpd in the upcoming quarter, potentially resulting in the most substantial supply shortage in more than a decade.

Saudia Arabia and its partners in Opec are also concerned that the IEA has predicted that demand for oil will peak before 2030, which some analysts believe could be brought forward to 2026 by the rapid switch to renewables already under way.

The rising cost of fuel and demand from the Chinese economy, which ranks as the world’s biggest oil importer, are expected to cloud the outlook for central banks and their mission to bring down inflation rates that are still well above the 2% target level.

US central bank interest rates were widely expected to have hit a peak after a drop last month in core inflation, which strips out volatile elements such as fuel and food.

The original article contains 630 words, the summary contains 220 words. Saved 65%. I'm a bot and I'm open source!

We could afford those tears by weening ourselves off fossil fuels.

Wish I knew what the oil cartels hope to achieve with this. It's not as if we're ever going to soften on support for Ukraine. Maybe just lashing out?

They're cashing out. They know the jig is up and they're not investing in new wells like they used to and are justenjoying the higher profit margin on the existing wells.

Honesty this is a good thing. Higher prices make transition away from oil mote profitable and it seems we're only allowed to do things if they're profitable. Maybe a good old fashioned oil.crisis is what.the world needs. We put up with 1973 style shit for a little while and then investments away from oil happen and then we never go back. We have tools we didn't back then, like good wind and solar, ebikes, more developed transit networks in cities, etc. So it won't even be as sucky

It was over 100 for months during winter too