Oil Futures Pass $130 Barrel Threshold Against Possibility of Russian Oil Ban

This is not good for working class Americans, not good at all.  With gas prices already jumping, oil futures have now eclipsed a 15-year high and the outlook does not look good.

(MSM) – […] West Texas Intermediate crude futures, the U.S. oil benchmark, traded 8% higher to above $125 a barrel, the highest since July 2008. At one point the price rose to $130.50 Sunday evening before retreating.

The international benchmark, Brent crude, traded 9% higher to $128.60, also the highest price seen since 2008. Brent hit a high of $139.13 at one point overnight.

“Oil is rising on the prospect for a full embargo of Russian oil and products,” said John Kilduff of Again Capital. “Already high gasoline prices are going to keep going up in a jarring fashion. Prices in some states will be pushing $5 pretty quickly.” (read more)

What was the last gas price in your neighborhood?

Yes, a president can and does control the price of gasoline.  What can a U.S. President and administration specifically do?  We have abundant U.S. energy resources.  Quite literally the strongest in the entire world.

• Permit the use of preexisting approved leases in ANWAR (Alaska) to put more volume into the Alaskan oil pipeline that is severely underutilized.
• Finish the Dakota access pipeline.
• Re-approve the preexisting energy leases in New Mexico, Arizona, NE Atlantic and Gulf of Mexico.
• Retract the stoppage of the Keystone pipeline to permit efficient oil transport shipments from Canada.
• Stop blocking the expansion of coastal oil refineries in Texas, Louisiana and Alabama (regulatory issue), as well as Northwest, Northeast and Southeast Seaboard.
• Continue to develop natural gas as a clean burning fuel.
• Drive Liquefied Natural Gas (LNG) as an export.

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Unfortunately, this would mean reversing the entire energy policy of the current administration.  The existing energy inflation and high prices of oil, natural gas and gasoline are a direct and intentional part of Joe Biden’s policy.  That policy is driven by the leftist demand for a “green new deal.”

None of the actions above require any approval from OPEC.  Strategically, the ‘all of the above’ approach enhances U.S. national security and diminishes the influence of Russia, China and Iran.  Within six months of the above, gasoline will plummet.