is this why . . . nah, because the gas that is at the pump was purchased for how much?! and they are charging how much this fast?! wow, this is such a reality i cannot even keep track of anymore! Commodity speculators must have the most amazing nerves on the planet! #HatsOff2TodaysCommodityTraders !!!
State-owned oil giant Saudi Aramco has told Asian buyers that prices of Arab Light for April delivery will rise by $1.40 US per barrel, while prices for US buyers will go up by $1 per barrel; the price hikes are far larger than the previous price changes imposed by the Saudis of a few cents either way.
Saudi Arabia is the world’s largest exporter of crude oil, and the largest oil producer in the Organization of Petroleum Exporting Countries [OPEC], which in November sent the oil price plunging when it decided against cutting production from its ceiling of 30 million barrels a day as a way to preserve its market share amid falling oil prices.
This led the price of the industry benchmark Brent crude to continue its fall from a high of $110 a barrel in June 2014; the Saudis and the rest of OPEC made their decision to preserve market share due to increasing output from the US fracking industry. Brent fell to below $50 in January this year, a six-year low, before rallying to its…
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