Rumors have always affected stock prices – perhaps more so than we would really like to admit but the question lingering in everyone’s mind right now is whether or not the current OPEC rumors are actually going to affect Long Island oil prices. It’s not a bad question, after all, you want to know how much it’s going to cost to fill up your tank – any tank for that matter. There are quite a few out there who are wondering where to put their money, especially when it comes to investments, and Brent Prices are actually above $50 per barrel again which will definitely bring some raised prices to Long Island shores, and there are definitely a few other factors to consider.
A Hike in Long Island Oil Prices?
As of right now, a September meeting between OPEC and non-OPEC members is scheduled and they’ll be talking about a potential production cut, with both Russian and Saudi sources stating that they will take any action necessary to bring balance back to the industry. While they might be saying such things, there is the fact that the Saudis have actually pushed their production to 10.9 million barrels per day, which is actually the highest it’s ever been. To put it lightly, this is actually a pretty aggressive move, and it is one that could indicate further aggressive action down the line. In other words, we wouldn’t be too surprised if the Saudis were rushing to grab more of a market share and take advantage of the situation.
Heating Oil Prices Long Island – Don’t Count Them Out Just Yet
If you’ve read this far then there is a good chance you’re looking at your fuel oil heating system and wondering just how much it would cost to convert the entire thing to electric. Well, that’s not a bad question actually, but we’re here to say that you shouldn’t count fuel oil out just yet. Is OPEC going to become the gatekeeper for all oil eventually? Probably yes, but there are many things that have to happen in the meantime. The first, and most important is the complete and total destruction of all United States oil resources along with all of the other producers in the world. We may not be on top, but we’re not quite dead yet – that’s for sure.
There are actually quite a few oil companies out there that seem to be operating in the red, especially on US soil, but they continue to operate as normal. So the ultimate question will be how this all effects the oil prices in Long Island in the meantime, and it’s on everyone’s mind.
The Effect on Oil Companies in Long Island
In the short term, the oil prices are probably going to rise a bit but that’s actually nothing new – it happens sometimes, in other words. That being said, you should indeed prepare to tighten your expenditures for a bit, unless you have disposable income. The good news is that all of this is bound to even out in the long term. So no, oil will definitely be taking a hike, but it won’t be draining your bank account.