Oil prices rose Friday as energy infrastructure in the Middle East was damaged and the vital Strait of Hormuz was still largely shut.
Goldman Sachs even suggested that higher prices could last all the way through 2027.
Brent crude, the global oil benchmark, rose 1.4% to $110.2 a barrel. WTI, the US benchmark, was up 0.3% at $95.9.
“The persistence of several prior large supply shocks underscores the risk that oil prices may stay above $100 for longer in risk scenarios with lengthier disruptions and large persistent supply losses,” Goldman analysts wrote in a note Thursday.
As someone that hates the fact that we didn’t transition to renewable energy, I’m glad they’re going up. I don’t personally buy gas/petrol and I rarely buy fossil fuel in general. But as someone that has to eat, this is not going to be good.
Unfortunately we prefer to rely on cheap oil by bombing and invading other countries, sometimes killing a few thousand or a few hundred thousand in the process. But this is just collateral damage.
I can only hope this will push the world to a rapid transition to renewable energy, but it’s more likely that people will just pay more while bitching and whining that the price of gas is too damn high.
If republicans truly wanted independence from other countries that they seem to love we’d have renewable energy.
Republicans don’t speak honestly. They just say whatever they think will get them power and in-group solidarity.
Much as lemmy hates to admit it, economics is a thing, and increased oil prices will drive consumers to make less oil-dependent choices for their transportation needs. Ideally, this would also come with effective pressure on local, state/provicial, and national governments to reform land se policies and invest in low-carbon infrastructure as well. But even if they don’t, people and businesses will eventually find the cheapest way to get around somehow.
If its only for a year, many will continue on as they are already invested and change is expensive.
I don’t understand …Trump said he’d bring the oil price down.
So said “The Peace President”
Green technologies and energy supply options are way more affordable and abundant today compared to the last oil fiaskos… many consumers and companies will start switching this time bringing demand down in the long run especially if supplies should stay reduced for a proplonged time.
