“Oil could hit $150 a barrel with OPEC+ ‘in the driver’s seat’: J.P. Morgan”

“Oil futures can shake off a breathtaking Black Friday plunge and then some, testing $125 a barrel next year and overshooting to $150 in 2023 with OPEC+ “firmly in the driver’s seat,” according to analysts at J.P. Morgan.

OPEC+ — the combo of the Organization of the Petroleum Exporting Countries and other major producers, including Russia — “has returned to a position of positive leverage, which it will defend by keeping inventories low, the market in balance and taking action to support optimal reservoir management through paced volume growth,” the analysts said in a Monday note…”

https://www.marketwatch.com/story/oil-could-still-hit-150-a-barrel-with-opec-in-the-drivers-seat-j-p-morgan-11638204853?siteid=yhoof2

They are basically telling you they are creating artificial scarcity. We could have cheap energy. We could have cheaper products but energy companies and governments refuse to lower energy cost. If any of you are wondering why prices are skying rocketing I’m basically telling you why. Energy fuels the economy. Pun intended.