If brent oil hits $120 per barrel, is the world fucked?
dont worry manolo you always have algerian gaz/oil don't forget to tip
>>531215127Oil will go a lot higher than that and yes, ordinary people who are stretched thin and need to buy gasoline and food are fucked. The real economy is all centered in China who can adjust to the hit and recover.
>>531215127There will be a $4 trillion bailout to protect the banks from mass foreclosures.
>>531215209I hope we're still allies after Western Sahara mess.
>>531215127If, lol.It'll double in a week.
>>531215127billions will die
>>531215127Do any of you retards remember when it hovered around $120 bbl for 4 years of Obama term 2? That was equivalent to $170 or more today. The answer to OPs question is obviously no, and that is with Obama trying to destroy western civilization in multiple ways at the same time.
>>531216374So kikes can live
>>531215127It will reach 200, screencap this
>>531215127No, but Russia is saved.
>>531215127Brent is only one index. Look at some of the indices east of Suez:UAE murban: $144DME Oman: $162Indian basket: $156OPEC basket: $135https://oilprice.com/oil-price-charts/
>>531215127Probably going to hit $200 in two weeks.
>>531222055>531218601of course it will. they are currently dumping their 90day reserves and its still climbing
>>531222055Checked
>>531223214p.s. jet fuel is mainly processed in the Middle East so if you need to fly do it earlier rather than later before ticket prices double.
>>531218000don't waste your time with retards. They don't even take inflation into account when comparing, so when oil was far higher years ago and then you add in that inflation should mean the oil should be higher they gasp when oil was $65 a few weeks ago and now $95. So when oil was $120 over a decade ago did they actually think the world was going to end?
>>531222055you fags said that when it when WTI went to $120 and then it dropped back down. Saying it was going to go to $150 by the end of that day and then onto $200. It's 20% oil of a world that has plenty of oil anyway. This is pure OPEC crying who have lost their control of their cabal and their easy shipping route through the Hormuz. Well OPEC (Saudi's) better get going with other transport solutions. 80% of that oil goes to Asia.
>>531222737yeh you might have something if those prices are historically high and if you take inflation into account
>>531215127West texas intermediate still under 100>Americans still consequence free sorry eurobros
>>531224318Usually, these indices are close to Brent
>>531215127Divine intervention can save it. Otherwise is just pepetual doom.
Obama was an effigy; a deliberate homage reflecting the hidden faces behind Western CivilizationThese last few years being the psychological primer for this current destabilization initiative; fulfilling the long awaited Phase_FINALISAmerica has served its purpose, soon it will sacrificed on the altar and utterly destroyed as prelude for the world that is to come
The US might be able to avoid a recession so long as prices stay below $138 apparently. But this assumes a competent government so it's probably already to late.
>>531215127No. Adjusting for inflation, it was like 120-150 for about 2 years after Gadaffi was taken out in libya. 120 is nothing. At $200+ the world is truly fucked
>>531215127Yes, but $150/bbl is when it starts shutting companies down due to high input costs, especially smaller ones. The orange nigger just went and fucked the already-struggling common man. I don't see how this isn't COVID 2.0, and lockdowns by default due to gas rationing or whatever. It's absurdly unsustainable.
>>531215127if you think 120 is bad look at how much Oman oil is being spot priced at right now.
right now the spot price and the futures price of oil is completely out of balance, eventually this difference is going to equalize.
>>531215127Only if you're not an oil producing nation.
>>531215127Awwww, is this zoomies first war? Well strap in faggot, this one's gonna be a biggy.
>>531215127No, once it hits $400 a barrel the world is fucked. $200 a barrel just means mass starvation and WW3.
>>531215127I have no fucking idea if the economic consequences of this war will be bad because there's so much conflicting information.>WTI and Brent aren't anywhere close to all time highs.>That's because of the strategic oil reserve and rampant derivatives manipulation!!Okay. But it's been 3 weeks. If this was really a catastrophe you'd think there would be undeniable obvious evidence that things are fucked and will get worse. But so far things are remarkably stable. For instance, Asian countries that are reliant on Hormuz oil haven't even started rationing yet. If there was really a cataclysm on the horizon you'd think everyone would be planning for it and getting ahead of it, positioning themselves to weather the storm. As it is nobody seems to be taking it that seriously.How badly am I misreading things?
>>531215127its good thing and here's why,1. High oil n gas means no cars or industry and that means mother earth begins to heal.2.we can live like cave men again and embrace our true cavemen self.3.draging the town hottie back to your cave for breeding 4.90% of you weaklings will die within 5years5. i can enslave some weaklings before they die and force them to build me a castle.
>>531226198The world is still confident for three reasons:1) Only 20% of the world's oil passes through the strait. It's a big number, but we could still get by without it.2) Trump literally says every day that the war is about to end, and people still trust him.3) We have gotten used to the March 2020 attitude, like a train crashing in slow motion. Society keeps going normally until it can't anymore. Then it'll roll up its sleeves and figure out what to do.
>>531226198At its most basic, humanity cannot 'run out' of oil exactly. There are a few reason for this:The global markets mean that oil will always be sold to those willing to pay for it, which impacts the poorest countries first and even there in a gradual manner where the users that can replace or avoid using oil drop out first, then non-essential industries and only then essential services and government functions.As the price of oil increases, previously non-profitable ways to transport oil become viable. Though hauling crude in a fuel truck across saudi arabia isn't viable at $100 it might become viable at $200, this is especially relevant for canadian oil which is currently not profitable to move by train but will be at $150Some countries in the east are doing voluntary guidances to save fuel (e.g. enabling work from home for government employees etc.)The biggest losers right now are shipping and airlines where fuel is a large expense and airline and ship fuels have had extreme price increases. These aren't numbers you're going to see on your average news site but they are public and you can find them easily.
