Oil, gas and mining

Crude oil sees first ‘death cross’ since 2020



PRICE Futures Group senior analyst Phil Flynn joins ‘The Evening Edit’ to discuss reports Biden’s Department of Energy is buying 3 million barrels of oil to replenish the U.S. strategic reserves.
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THANKS, MAN. JOINING US NOW, PRICE FUTURES GROUP SENIOR ANALYST PHIL FLYNN. SO, PHIL, I THINK THIS IS SO INTERESTING BECAUSE THEY’RE PUTTING 3 MILLION BARRELS BACK IN, WHICH IS BASICALLY NOTHING, OKAY, IN THE GRAND SCHEME OF THE SPR ARE. BUT THEY’RE MAKING THIS CASE THAT THAT, HEY, GREAT DEAL FOR

THE TAXPAYERS BECAUSE WE SOLD IT AT 95, BOUGHT IT AT 77. TO ME, PHIL, THE GREAT DEAL FOR THE TAXPAYERS IS TO KNOW THAT THEY HAVE A SUFFICIENT RESERVE AVAILABLE WHEN PROBLEMS STRIKE AND WE’RE CLEARLY NOT THERE. WHAT DO YOU MAKE OF WHAT’S GOING ON WITH THE PRESIDENT TRYING TO REFILL THIS THING?

>> YEAH, YOU KNOW, I THE YOU’RE ABSOLUTELY — I THINK YOU’RE ABSOLUTELY RIGHT. IT’S NOT THERE TO MAKE MONEY AND SPECULATE, IT’S THERE FOR IN CASE OF AN EMERGENCY. AND LOOK AROUND THE GLOBE, BRIAN. WE HAVE EMERGENCIES TO SUPPLY ALL OVER THE PLACE. UNLIKE ANYTHING WE’VE PROBABLY EVER SEEN IN HISTORY.

AND SO FAR WE HAVEN’T SEEN A MAJOR DISRUPTION BUT, YOU KNOW, WE’RE JUST ONE MISSILE OR BOMB STRIKE AWAY, AND THAT’S ONE OF THE THINGS YOU HAVE TO KEEP IN MIND. AND YOU WANT TO TALK ABOUT A GREAT DEAL, THESE SAME PEOPLE THAT ARE TAKING CREDIT FOR MAKING MONEY ON THEIR STRATEGIC

PETROLEUM TRADE ARE THE SAME ONES THAT BLOCKED DONALD TRUMP FROM BUYING OIL AT $24 A BARREL. SO I THINK DONALD TRUMP HAD A BETTER TRADE IF THEY WOULD HAVE LET HIM BUY IT. BRIAN: YOU KNOW, JEFF, YOU’VE GOT ALL OF THESE PURCHASES NOW BY BIDEN, AND YOU’VE GOT THE HIGHEST LEVELS OF PRODUCTION

JEFF JUST REPORTED IN THE HISTORY OF OUR COUNTRY. THAT’S GREAT. I WISH THIS PRESIDENT WOULD CELEBRATE THAT A LITTLE BIT, AND I’D LIKE TO KNOW IN YOUR OPINION HOW MUCH MORE COULD WE BE DOING IF WE HAD AN ADMINISTRATION THAT REALLY ACTUALLY FELT GOOD WITH ABOUT HITTING RECORD LEVELS OF PRODUCTION?

>> I HONESTLY HAVE LOOKED AT STUDIES OF DIFFERENT PEOPLE THAT SAY WE COULD BE PRODUCING ANYWHERE FROM 4-6 MILLION BARRELS A DAY MORE OIL. BRIAN: WOW. >> AND WHY IS THAT? MOST OF THE OIL THAT’S BEEN PRODUCED HAS BEEN ON PRIVATE LANDS, ITMENT HASN’T BEEN ON FEDERAL LANDS, YOU KNOW?

AND I’M SURE PRESIDENT BIDEN AND HIS TEAM’S GOING TO TAKE CREDIT AND SAY, HEY, WHAT A GREAT JOB WE’VE DONE. LOOKED AT WHAT THEY’VE DONE JUST RECENT WILY, BRIAN. WHEN YOU LOOK AT THE OFFSHORE LEASES THAT THEY BASICALLY SHUT DOWN IN THE GULF OF MEXICO, THEY’RE GOING TO TRY TO SAY,

HEY, WE’RE GETTING IT ON FOSSIL FUELS — GETTING OFF FOSSIL FUELS, BUT THAT’S THE CLEANEST WAY TO PRODUCE OIL IN THE WORLD. THEY’RE NOT HELPING THE ENVIRONMENT, BECAUSE WE NEED FOSSIL FUELS FOR A LONG TIME. IF YOU DON’T PRODUCE IF IT OFFSHORE, IT’S GOING TO BE PRODUCED IN A DIRTIER WAY.

BRIAN: PHIL, 2024 GAS PRICES, WHAT ARE YOU LOOKING AT? WHAT’S KIND OF YOUR BASE CASE FOR WHERE YOU THINK THEY’RE GOING TO GO THIS COMING YEAR? >> YOU KNOW, I THINK WE BOTTOMED OUT ON GASOLINE PRICES. I THINK THEY’RE GOING UP, YOU KNOW? JUST TAKE A TRIP TO CALIFORNIA,

YOU’LL GET AN IDEA OF WHAT’S HAPPENING. THEY’VE HAD REFINERY ISSUES OUT THERE. YOU KNOW, THE CALIFORNIA GOVERNOR’S STOPPING INVESTMENT THERE, SO THEY’RE GOING BACK UP. NOW, THERE ARE SOME CONCERNS ABOUT DEMAND IN THE GLOBAL ECONOMY. THERE’S BEEN A LOT OF TALK TODAY ABOUT THE DEBT STORY, AND THAT

THAT’S BEEN A CONCERN AS WELL. BRIAN: THAT’S RIGHT. IF THE GLOBAL ECONOMY SOFTENS, THAT’S GOING THE BRING DOWN OIL PRICES, BUT THAT I

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45 Comments

  3. @albundy7459

    They didn’t let Trump buy it at $24 a barrel because there was nowhere to store it. It doesn’t make sense to sell the reserves at Pennie’s on the dollar to replace it with oil of the same price.

  6. @mark5846

    Poll numbers are bad for the Biden/Obama admin. You can tell where he is vulnerable, oil and the boarder, and suddenly they are taking action to fix a problem his policies have caused.

  7. @TheHortond

    They did the same thing with the gold in Fort Knox if memory serves. Nobody is in jail for it either. They are lobbyist now and making forms for us to fill out to keep us distracted.

  15. @jimcamp2423

    Timing is everything, Biden trying to buy votes by an election year fabrication of lower prices after 3 years of rampant inflation. Delaware lies from the Delaware liar.

  19. @sweetdragon36067

    The left talk about the green new deal, but the carbon emissions have been going down since the mid 80's. This is about control: everything the Democrats do is designed to give them more control of the federal government and YOU AND I. Nothing else matters to them and they will tell any number of lies to gain more control. They are running the communist playbook to control the government, but unfortunately for them, God is in control and according to prophecy they have only 5 more years in power and they will be destroyed.

  23. @Fstate

    Too bad Trump let oil production and manufacturing collapse on 2020 and the economy ultimately went with it. This is why Trump loves the uneducated, because many are dumb enough to blame Biden for trumps actions

  25. @neilreynolds3858

    Why re you trying to use logic and rationality to convince people who are only interested in their emotions? What a waste of time and effort. You have to appeal to their emotions but it's too late for that. Their emotions have set like concrete.

  31. @lukismartin4143

    POLICE SIREN 12-28-2023

    Siren does not like this video. It uses my name derivative in a way which is counter 🎯 Target Safe Security Administration (not my administration but yours) is asked to administrate money to me directly as I'm suffering government and I'm the abused.

  39. @deneseburrell2306

    I'm sorry… didn't Dementia Joe SELL our strategic oil reserve when he was first put into Office? Now he's buying it back for more money? Good thing we're not having an energy crisis~😂🤣😆😝😂🤣😆😝😂🤣😆😝🤦‍♀

  44. @Don-kr5tp

    Only a Democrat would give away oil bought for $30, lhen have to replace it at $80. And they let it go to get better polling. Shame on you America. Biden caused the problem, then made it worse……by design. Congrats, you voted for this .

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