At $117 now. Might hit $120 by the time US markets open.
Scholastic_nobody on
Oil is up 30% and all Trump did was replace Khamenei with Khamenei.
Exciting-Advice-7183 on
And they’ll keep saying everything is fine.
Friendly-Task4241 on
Why dollar surge when oil prices go up? Please explain ?
Wooden_Customer_8610 on
Oil is now a meme stock
bartz824 on
Ya know, I read something about 10 days ago, before Trump started his ego trip attack on Iran and it was estimated that oil would top $150/barrel before the mess was over. Now I wouldn’t be the least bit surprised if oil hits $200/barrel.
Well_Socialized on
Kind of disgusting how despite the US starting this conflict we are also relatively shielded from its effects and are seeing investment flee to the safety of US assets.
CurtisLeow on
The US is a net exporter of oil and gas. Higher energy prices are going to drive up the US dollar relative to all other major economies. This war and the war in Venezuela seem designed to help energy companies.
Paper_Clip100 on
Love paying $4.00/gal for 87
justanormalchat on
Mission accomplished, Trump fulfilling his obligations to the oil cartel.
ricardocaliente on
This isn’t one of his tariffs he can walk back either… There’s no “oops, nevermind” that can fix this. The market is finally going to reflect the chaos we’ve all been enduring for a year.
Imperium_Dragon on
With midterms coming I wonder how the current admin will spin this
That75252Expensive on
Above $116 now, shit wild.
TheTonyExpress on
Can someone explain why the dollar is up instead of lower?
Pleasant_Arugula7571 on
The dollar surge follows classic petrodollar mechanics. In 1973-74, the DXY climbed roughly 15% as Gulf exporters recycled oil revenues into US Treasuries, and safe-haven flows compound that in a war scenario.
The part worth watching now: Gulf SWFs collectively hold around $3.8T in assets, and there have been quiet signals of reallocation away from US dollar positions. If even a fraction shifts, the dollar-oil correlation breaks.
Also worth knowing for pump prices: most Gulf crude is sour and heavy grade. Japan and Korea can release their SPRs but lose 20-30% on a refined-product equivalent basis because their refineries are not set up for the grade substitutes. Pump prices tend to overshoot the barrel number.
Pleasant_Arugula7571 on
The dollar surge follows classic petrodollar mechanics. In 1973-74, the DXY climbed roughly 15% as Gulf exporters recycled oil revenues into US Treasuries, and safe-haven flows compound that in a war scenario.
The part worth watching now: Gulf SWFs collectively hold around $3.8T in assets, and there have been quiet signals of reallocation away from US dollar positions. If even a fraction shifts, the dollar-oil correlation breaks.
Also worth knowing for pump prices: most Gulf crude is sour and heavy grade. Japan and Korea can release their SPRs but lose 20-30% on a refined-product equivalent basis because their refineries are not set up for the grade substitutes. Pump prices tend to overshoot the barrel number.
Heatonator on
Finally tried adding beer to Hamburger Helper and it’s a game changer
TheMedRat on
The true reason for this war never had anything to do with nuclear capabilities. It’s always been about political cache and money. Trump’s people are telling him he’s wildly unpopular and is gunna drag down the entire Republican card as they schism between Trump loyalists and more moderate conservatives. He thinks that somehow we will all unite behind this “common enemy”, but all it’s done is divide everyone further. But hey, at least the rich are getting richer, right?
Iamchor on
I filled my tank today at $3.19 per gallon in Dallas, last week it was $2.50. Probably $4 this week.
DoomComp on
Well… This escalated fast… z.z
I think we might actually be majorly fucked this time…
ShortStoryIntros on
Is this the straw that broke the MAGA Camels back?
Throwaway112421067 on
So this is just going to make it more difficult for farmers that export, since a stronger dollar makes our exports more expensive. (Someone correct me if I’m missing nuance.)
dfox2014 on
Just got gas for $3,49. Let’s see how that looks in a week.
Joebranflakes on
Exactly what Russia wanted
ClassicHando on
Too bad my dollar means significantly less at the gas pump on a 2-3x a day basis (how often my local gas station changes prices)
GregtasticYT on
Idc what your politics are or who you voted for trump ain’t do shit to make my life more affordable. Literally everything I spend money on is more expensive and not by a minimal amount.
saturnrainpeace on
DOWN WITH THE !GLOBAL! OLIGARCHY!!!
ChoiceHour5641 on
Just in time for the switch to “Summer blend” and the peak travel season. So many lives affected to distract everyone from finding out the really fucked up shit by really horrible people in the Trumpstein files.
idiom_exon_0s on
And in a weeks time Trump will move on to another pump and dump, and oil prices will normalize.
philodendrin on
We are ALL going to pay for this. Every week for years. $.50+ per gallon, 16 gallon tank, I fill-up every week and a half, thats $272 more I’m going to have to pay that I wouldn’t have if he had just decided not to attack Iran. Every grocery item, every package, anything that moves by rail or truck is going to go up in cost.
I’m glad the dollar will be worth more because we are going to need them to pay for the added costs and inflation that goes with higher Oil prices.
Sea-Hovercraft9750 on
Donald Trump did this!
poop-fungus50 on
So how much more is gas supposed to rise? Was 2.74 in Ohio a week ago and now it’s 3.49.
RYSEofCthulhu on
Now is the *perfect* time to dump all US bonds and move to a new reserve currency. Just saying.
MarkMariachiAZ on
Imagine if we had price caps for consumers. If production costs exceed it then they front those costs instead of paying themselves billions. They would really be trying to avoid wars then.
akuukka on
Trump is making Russian oil great again. Seriously, what can countries such as Japan do now other than call to Putin and beg for some oil?
35 Comments
At $117 now. Might hit $120 by the time US markets open.
Oil is up 30% and all Trump did was replace Khamenei with Khamenei.
And they’ll keep saying everything is fine.
Why dollar surge when oil prices go up? Please explain ?
Oil is now a meme stock
Ya know, I read something about 10 days ago, before Trump started his ego trip attack on Iran and it was estimated that oil would top $150/barrel before the mess was over. Now I wouldn’t be the least bit surprised if oil hits $200/barrel.
Kind of disgusting how despite the US starting this conflict we are also relatively shielded from its effects and are seeing investment flee to the safety of US assets.
The US is a net exporter of oil and gas. Higher energy prices are going to drive up the US dollar relative to all other major economies. This war and the war in Venezuela seem designed to help energy companies.
Love paying $4.00/gal for 87
Mission accomplished, Trump fulfilling his obligations to the oil cartel.
This isn’t one of his tariffs he can walk back either… There’s no “oops, nevermind” that can fix this. The market is finally going to reflect the chaos we’ve all been enduring for a year.
With midterms coming I wonder how the current admin will spin this
Above $116 now, shit wild.
Can someone explain why the dollar is up instead of lower?
The dollar surge follows classic petrodollar mechanics. In 1973-74, the DXY climbed roughly 15% as Gulf exporters recycled oil revenues into US Treasuries, and safe-haven flows compound that in a war scenario.
The part worth watching now: Gulf SWFs collectively hold around $3.8T in assets, and there have been quiet signals of reallocation away from US dollar positions. If even a fraction shifts, the dollar-oil correlation breaks.
Also worth knowing for pump prices: most Gulf crude is sour and heavy grade. Japan and Korea can release their SPRs but lose 20-30% on a refined-product equivalent basis because their refineries are not set up for the grade substitutes. Pump prices tend to overshoot the barrel number.
The dollar surge follows classic petrodollar mechanics. In 1973-74, the DXY climbed roughly 15% as Gulf exporters recycled oil revenues into US Treasuries, and safe-haven flows compound that in a war scenario.
The part worth watching now: Gulf SWFs collectively hold around $3.8T in assets, and there have been quiet signals of reallocation away from US dollar positions. If even a fraction shifts, the dollar-oil correlation breaks.
Also worth knowing for pump prices: most Gulf crude is sour and heavy grade. Japan and Korea can release their SPRs but lose 20-30% on a refined-product equivalent basis because their refineries are not set up for the grade substitutes. Pump prices tend to overshoot the barrel number.
Finally tried adding beer to Hamburger Helper and it’s a game changer
The true reason for this war never had anything to do with nuclear capabilities. It’s always been about political cache and money. Trump’s people are telling him he’s wildly unpopular and is gunna drag down the entire Republican card as they schism between Trump loyalists and more moderate conservatives. He thinks that somehow we will all unite behind this “common enemy”, but all it’s done is divide everyone further. But hey, at least the rich are getting richer, right?
I filled my tank today at $3.19 per gallon in Dallas, last week it was $2.50. Probably $4 this week.
Well… This escalated fast… z.z
I think we might actually be majorly fucked this time…
Is this the straw that broke the MAGA Camels back?
So this is just going to make it more difficult for farmers that export, since a stronger dollar makes our exports more expensive. (Someone correct me if I’m missing nuance.)
Just got gas for $3,49. Let’s see how that looks in a week.
Exactly what Russia wanted
Too bad my dollar means significantly less at the gas pump on a 2-3x a day basis (how often my local gas station changes prices)
Idc what your politics are or who you voted for trump ain’t do shit to make my life more affordable. Literally everything I spend money on is more expensive and not by a minimal amount.
DOWN WITH THE !GLOBAL! OLIGARCHY!!!
Just in time for the switch to “Summer blend” and the peak travel season. So many lives affected to distract everyone from finding out the really fucked up shit by really horrible people in the Trumpstein files.
And in a weeks time Trump will move on to another pump and dump, and oil prices will normalize.
We are ALL going to pay for this. Every week for years. $.50+ per gallon, 16 gallon tank, I fill-up every week and a half, thats $272 more I’m going to have to pay that I wouldn’t have if he had just decided not to attack Iran. Every grocery item, every package, anything that moves by rail or truck is going to go up in cost.
I’m glad the dollar will be worth more because we are going to need them to pay for the added costs and inflation that goes with higher Oil prices.
Donald Trump did this!
So how much more is gas supposed to rise? Was 2.74 in Ohio a week ago and now it’s 3.49.
Now is the *perfect* time to dump all US bonds and move to a new reserve currency. Just saying.
Imagine if we had price caps for consumers. If production costs exceed it then they front those costs instead of paying themselves billions. They would really be trying to avoid wars then.
Trump is making Russian oil great again. Seriously, what can countries such as Japan do now other than call to Putin and beg for some oil?