Alaska North Slope crude popped up over $75 a barrel last week, a price not seen since October, 2014, when prices were coming down from more than $100 a barrel that year. The most recent reported price is $75.88.
$75.88 is more than a 42 percent increase over what the State’s Department of Revenue had predicted in its spring forecast, which said the average price would be about $53.05 per barrel for the fiscal year ending on June 30. It’s also more bullish than what was predicted by Goldman Sachs in February, when it said Brent crude would rise to $75 a barrel in the third quarter. That prediction was well above what other analysts were saying over the winter.
Brent crude also closed above $75 and West Texas Intermediate closed at $73.08 on Friday.
Inventories of oil are down in the Lower 48, at the same time demand is surging. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.6 million barrels from the previous week, the Energy Information Administration reported for the week of June 18.
Futures traders are banking on prices surging soon, with dropping inventories and Americans traveling again.
Rare is the summer day when the State of Alaska reports as much as 500,000 barrels of Alaska North Slope crude flowing through the Trans Alaska Pipeline. Oil flow has averaged 477,426 barrels per day this month, while last June it averaged 393,387 barrels per day, and in June of 2019, it averaged 480,225 barrels per day.
Flush with state money …….. and the idiot circus in Juneau plays on.
Why is saving such a hard concept?
Oh Great! Just what the legislature needs another excuse not to cut the budget! Hahaha
Don’t care anymore. Does nothing for us. Special interests are just going to suck it up.
And yet the legislature can’t afford to follow the law regarding the PFD
Interesting. Gas at the pump prices have risen just over 51% since the week after that bumbling fool who can’t even string together a coherant sentence got put into office. I wonder if there is a correlation?
Supply and demand ding dong.
It’s just another manifestation of the budding hyperinflation (depreciation) of the US dollar —- certainly nothing to worry about, and any claims to the contrary are just “misinformation” and “conspiracy theory”.
Stop the madness
The money is there to pay us, our FULL PFD
It’s growing everyday to replace are saving accounts for next years large PFD
That guy in the White House, who does not even know his own name, the big guy in charge of America, Scary.
Shut down drilling on the North slope and the keystone pipeline. What are those lunatics thinking.
When Trump was in office, drilling was about to begin, big time for Alaska and the lower 48.
Sleepy Joe and his handlers will want to shut down our pipeline ASAP. Can’t have American prosperity at the expense of the Saudis and Chinese who control the Dems. They will blame it all on climate change.
Here’s my proposal. Pick a number. $75? Okay, for every dollar we make over $75/barrel give ALL that money to We the People as PFD earnings.
We have been robbed for years and that money is OWED us.
Where’s my free money?
Since you break the PFD arrangement will you pay now for the takent property rights, mineral rights, individually? Or, are they a gift from us to you personally? You took those rights without negotiating fair market value which is the federal due process in taking property rights. We want process which is not unilateral. You’re breaking code of federal regulations. I was willing to accept the Hammond distribution deal as meeting the negotiation process. Since you have unilaterally reneged on the statutory PFD distribution I no longer consent to the taken subsurface rights. Remedy immediately please.
Thanks Bill Walker.
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