General Discussion

kentuck

(115,954 posts) Tue Jun 16, 2026, 09:53 AM Tuesday

The price of oil is at $78 per barrel and dropping...

There was a report a week or so ago that our reserve was near empty. The price of oil seems to be at the top of the agenda with the war in Iran. The reserve must be restored.

A report this morning stated that during the "blockade" of the Strait of Hormuz, Qatar had made a secret deal with Iran, to ship oil secretly thru the Strait, with the help of the US. The purpose was to ease the price of oil on the market. This was probably the "125 million barrels" that Hegseth was bragging about a few days ago?

The price of oil seems to be driving the military actions in that area? As soon as the reserves are replenished and the market is stabilized, will we repeat the cycle once again?

Of course, the price of oil is very important to the political fortunes of Trump and the Republicans in our country. In my opinion, this is the perspective we must maintain until the hostilities end or the election is over.

6 replies

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Highlight:

The price of oil is at $78 per barrel and dropping... (Original Post) kentuck Tuesday OP

Market manipulation? Deuxcents Tuesday #1

100% without a doubt. n/t flvegan Tuesday #5

There is a disconnect WSHazel Tuesday #6

Thank God dalton99a Tuesday #2

I notice that Trump's name is bigger than Jesus' name on the sign... kentuck Tuesday #3

Prior to the Iran Conflict WSHazel Tuesday #4

Deuxcents

(28,112 posts)

1. Market manipulation?

Reply to kentuck (Original post)

Tue Jun 16, 2026, 09:59 AM

Tuesday

flvegan

(66,625 posts)

5. 100% without a doubt. n/t

Reply to Deuxcents (Reply #1)

Tue Jun 16, 2026, 11:49 AM

Tuesday

WSHazel

(903 posts)

6. There is a disconnect

Reply to Deuxcents (Reply #1)

Tue Jun 16, 2026, 01:41 PM

Tuesday

There are a lot of "experts" going on business networks talking about oil shortages while the market is dropping. Someone is very wrong, or maybe just lying.

dalton99a

(96,089 posts)

2. Thank God

Reply to kentuck (Original post)

Tue Jun 16, 2026, 10:00 AM

Tuesday

kentuck

(115,954 posts)

3. I notice that Trump's name is bigger than Jesus' name on the sign...

Reply to dalton99a (Reply #2)

Tue Jun 16, 2026, 10:07 AM

Tuesday

...but that is what we are dealing with.

WSHazel

(903 posts)

4. Prior to the Iran Conflict

Reply to kentuck (Original post)

Tue Jun 16, 2026, 11:48 AM

Tuesday

There was an expectation of an oil glut in the second half of 2026. I don't know how fast oil will drop. $80/barrel, maybe a little less, seems like the right price for a few months until the logjam at the Strait is released.

After that, there has been a lot of demand destruction for oil. Continued rapid electrification will have a huge impact on long-term oil demand, and that is effecting the short term. People focus on cars, but home heating oil is actually a bigger target for electrification.

Ignore what the "experts" say. Watch the market. If the market is dropping, then the smart money thinks that oil will be cheaper tomorrow than it is today.

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