OPEC and oil prices

[testerdahl]

I'm really interested in this news since it impacts a lot of our truck owners and fleet operators like @Fightnfire. I keep a keen eye on oil prices.

This news certainly got my attention: https://finance.yahoo.com/news/oil-prices-crashing-tariffs-opec-004901673.html

Thoughts?

 

[chaseydog]

Lower fuel prices would be appreciated, an impending recession not so much.

 

[Saddle Tramp]

That is the perfect answer, Chaseydog.

 

[testerdahl]

Lower fuel prices would be appreciated, an impending recession not so much.

My issue with lower fuel prices is the long-term impact. I guess I’m the only one remembers that when gas got down to $1 a gallon during Covid a lot of people lost their jobs and we are still paying the price for that time period since the refineries closed or produced other products since then.

 

[James-kd2cm]

Crazy times… then, once everything stabilizes for awhile at whatever level… OPEC will reduce production again raising oil prices.

 

[Fightnfire]

OPEC doesn't want crazy high fuel prices, they're always chasing a sweet spot in the US. Too high and people stop traveling and react negatively, too low and they lose profit. My guess is they're upping production because prices aren't coming down and we're heading into the summer season.