Gas prices



Not a huge player or anything, but even one party in an industry declaring FM (meaning you can’t meet your external contracted obligations due to forces beyond your control like war; a lot of contracts contain a force majeure clause that means that if a party can’t deliver due to forces beyond majeure they are not subject to penalties or termination, so long as the FM doesn’t last more than some agreed period, often 30-180 days, depending on the time horizon of the contracted commodity or service) can rattle a market.
 
I live in a heavy Maga area. When gas was up under Biden the "I did that" stickers were on every pump; lets see if they start showing up now. I expect to see it $3.69 in a day or two
 


“… The Financial Times reported that Fatih Birol, the executive director of the International Energy Agency, will head a call with G-7 finance ministers to discuss the conflict at 8:30 a.m. Eastern time.

…
Some U.S. officials would like to see a joint release of about 25% to 30% of the overall 1.2 billion barrels held, or 300 million to 400 million barrels, one source told the FT. That would mark the largest amount of oil released from reserves since the IEA’s inception.

Since the reserves were set up in 1974, there have been five such releases. The last two happened shortly after Russia’s invasion of Ukraine in February 2022. The agency said the release in April of that year was its biggest ever, with 120 million barrels made available.

The U.S. and two other G-7 members have voiced their support for the proposal, the report said.

The report helped to bring oil prices off levels that surged near $120 a barrel on Sunday. …”
 
Markets have calmed on news of G7 willingness to tap strategic reserves, but the impacts on the global oil economy are expanding in other ways.

 
Just got back from a medical appointment and rode by my local gas station. $ 3.49 for regular
 
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