Alaska North Slope crude oil is now priced at over $116 per barrel, after jumping by $7.54 late last week.
Prices are soaring with global tensions over Russia’s war on Ukraine, and as buyers start turning away from Russian oil exports. Last week, U.S. oil topped $110 per barrel for the first time in over 10 years, and in Sunday night trading, the price for Brent was over $130 a barrel.
Gasoline prices in Alaska are well over $4 a gallon as of Sunday ($4.25 Anchorage, $4.63 Willow, $4.20 Fairbanks). Check gas prices here.
Several lawmakers in Congress are advocating a ban on Russian oil imports, and the market is responding this weekend, with gas prices rising at the fastest pace ever recorded.
Futures prices are rising for oil contracts for March of 2023, which are now bringing in $84.53.
“…developments in the Ukraine-Russia conflict and new sanctions placed on Russia over the weekend contributed to an increase in the Brent price on February 28. Subsequent news about Russia’s further invasion has had significant effects on crude oil trading throughout the past week,” the Energy Information Administration reported Friday night, before the prices spiked even more on Sunday.
It’s time that the Fed’s reinstate permits for development of the Willow Project.
Demand immediate action and results from our elected politicians… “Ski, Sully & Yung.”
As long as China buys Russian crude, the crude market will not be severely impacted. China was buying deeply discounted Russian Urals crude in the Baltic last week. China got bargains. Russia sold crude oil loaded on tankers for hard currency.
Cheap Russian oil fills the Chinese demand. The Middle Eastern crude that China was buying becomes available to the European market. Same barrels in the marketplace should not impact price much. The Russian crude is just going to a different market.
An absolute fact is high tariffs will occur because Baltic crude must go the Far East. The Europe will be buying Middle Eastern crude instead of Baltic crude.
Oil production went up and Oil price dropped. Biden is selected and begins stopping the means to produce oil and the price of oil went up. Wars and other political machinations contribute to these fluctuations also, however one fact remains… Energy independence means less reliance on foreign oil equals less entanglement in foreign wars.
Even a person with severely challenged intellectual abilities like Joe Biden should be able to grasp this concept.
And a day later, on Monday morning, it’s at $124 and rising.
Biden was handed an energy independent country, and immediately set about reversing that, preferring to shut down as much domestic production as he could, and go back to relying on being supplied by countries that hate us.
This is makes sense to democrats.
Let’s Go Brandon….
Overstatement negates your point.
The last time oil went this high was roughly 5 years before somebody decided to not pay the dividend like they’re supposed to and got some black robed scum to go along with it. If I remember correctly.
Never forget both our senators voted for Haaland.
And Don Young is beyond useless.
This is what you get when you elect a demented, senile pervert who can be let out in public without handlers.
Gosh Mr Avenger, those are harsh words. Biden is a statesman. Your man Trump, however, the grab ‘em by the pussy guy, the skulking back room gawking boner at the teen pageant, the rapist – there’s your pervert. Like most posters here, your conservative ideology has strangled to death evidence and reason and it leaves you flaccid.
Hmmmm… Democrats already trying to figure out how to move that royalty money to their social programs.
The “fiscally conservative” RINOs will tell us to put all of this cash into the corpus of the permanent fund, so that the government can have even more money in the future
Great. More money to increase the salaries of government employees, pay Medicaid claims and provide free meals to the “homeless.”
Answer this… why would “Russia bomb close to nuclear places” according to MSM? Hmmmm, close to the Russian border… doesn’t make sense, why would they do such a thing AT THE RUSSIAN border? The MSM certainly is telling-a-vision for sure!
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The common enemy is Nazism in Ukraine. Common between Trump & Putin. No wonder the MSM is vilifying Putin as hard as they did Trump.
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The truth does & has been coming out and certainly the left is in full panic mode!!
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Let’s go Brandon!
So are you supportive of war crimes Amy?
This is great, but it’s a delivered annual sales price of $20 billion, about two weeks sales for Walmart. It’s about the same annual sales amount as breakfast cereal manufacturer General Mills, based in Minnesota. So even at this new ANS price this is not a lot of money for the only large producing industry in the entire state. In a state that has just about no manufacturing, no agriculture, six medium-sized mines but no smelter, a very seasonal tourism industry, and a commercial fishing industry heavily subsidized by state government this oil industry is vital; it’s impossible to over-state its importance. However, for 730,000 people who eat almost entirely barged-in food, with one-third of us on Medicaid, and a hugely disproportional number of people on SNAP, WIC, etc. this $20 billion in annual sales needs to be seen in a very mixed context. We have far too many people on the dole, and far too many state and local government employees for a $20 billion industry to be our one large producer!
Objective analysis! Right down the middle!
Still won’t impact our pfd until those in Juneau stop stealing from us.
The very same Democrats in Alaska, including disgraced, former governor Bill Walker who supported both Barak Obama and Joe Biden, have helped to drive up the price of oil by backing New Green Deal legislation and Interior Department Haaland. So, with high oil markets and huge cash flows into Alaska’s oil royalty accounts, these same Democrats want the extra money for state expenses, not statutory PFD distributions.
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Stay far away from sleazy Bill Walker this fall, or you too will be an idiot wondering what happened.
This article needs an “I did that” Brandon sticker on it.
First the pandemic now this. Huge shifts of wealth. All our money and jobs going to foreign nations with nothing coming back. This is all by design and it’s going to get worse, be prepared. Our elected officials are doing nothing.
We’ve been here before. Oil price spikes never last.
Bottom line:
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The New Green Deal and environmental wackos are the prime causes of new world wars.
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Bottom feeding, non-common sense Democrats, are to blame.
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Period.
that’s a big claim Marco against environmentalists. Please, if you would, offer some examples of how environmentalists are prime causing new world wars. I do not think you are right but I arm new here though I believe in the environment.
Many of the environmental organizations in the US are funded by Russia and China, with the goal to clearly shutdown or at the very least hamper US production to their benefit. The environmentalists welcome the blood money with outstretched and open hands.
Proof?
That’s quite a claim. You owe it to God and reason to back up your assertion. Ten bucks says you won’t. Can’t.
Hillary Clinton knew this in 2014 when she said “We were up against Russia pushing oligarchs and others to buy media. We were even up against phony environmental groups, and I’m a big environmentalist, but these were funded by the Russians to stand against any effort, ‘Oh that pipeline, that fracking, that whatever will be a problem for you,’ and a lot of the money supporting that message was coming from Russia,”
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Anders Fogh Rasmussen, secretary-general of the North Atlantic Treaty Organisation (Nato), and former premier of Denmark said: “I have met allies who can report that Russia, as part of their sophisticated information and disinformation operations, engaged actively with so-called non-governmental organisations – environmental organisations working against shale gas – to maintain European dependence on imported Russian gas.”
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In January 2017, the Office of the Director of National Intelligence issued a report stating there is “clear evidence that the Kremlin is financing and choreographing anti-fracking propaganda in the United States.”
I have no doubt that it will go all the way to $150! Time for that PFD!
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