{"id":1536531,"date":"2022-07-02T11:05:27","date_gmt":"2022-07-02T15:05:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1536531"},"modified":"2022-07-02T11:05:34","modified_gmt":"2022-07-02T15:05:34","slug":"jp-morgan-makes-dire-and-terrifying-prediction-on-future-oil-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jp-morgan-makes-dire-and-terrifying-prediction-on-future-oil-prices\/","title":{"rendered":"JP Morgan Makes Dire And Terrifying Prediction On Future Oil Prices"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjp-morgan-makes-dire-and-terrifying-prediction-on-future-oil-prices%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1536531&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>If you think <a href=\"https:\/\/www.dailywire.com\/topic\/gas-prices\">gas is expensive<\/a> now, you ain\u2019t seen nothin\u2019 yet.<\/p>\n<p>The price of a barrel of oil, which now hovers around $111, could more than triple to a staggering $380 if Russia decides to cut its output, <a href=\"https:\/\/www.msn.com\/en-ae\/money\/news\/jpmorgan-predicts-380-oil-on-worst-case-russian-retaliatory-output-cuts\/ar-AAZ6ug9\">analysts at JP Morgan Chase are warning<\/a>. With the price of a gallon of gas in America now topping $5 in many areas, such a dramatic increase in oil costs would be catastrophic to the economy.<\/p>\n<p>\u201cIt is likely that the government could retaliate by cutting output as a way to inflict pain on the West,\u201d analysts wrote. \u201cThe tightness of the global oil market is on Russia\u2019s side.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">(Bloomberg) \u2013 Global oil prices could reach a \u201cstratospheric\u201d $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase &#038; Co. analysts warned.<\/p>\n<p>\u2066<a href=\"https:\/\/twitter.com\/business?ref_src=twsrc%5Etfw\">@business<\/a>\u2069 <a href=\"https:\/\/t.co\/bs2Vej6lxE\">https:\/\/t.co\/bs2Vej6lxE<\/a><\/p>\n<p>\u2014 Carl Quintanilla (@carlquintanilla) <a href=\"https:\/\/twitter.com\/carlquintanilla\/status\/1543199884471373824?ref_src=twsrc%5Etfw\">July 2, 2022<\/a><\/p>\n<p>The West is putting the squeeze on Moscow over its war in Ukraine, but Russia, which supplies much of Europe with oil for heating and gasoline, could easily flip the script by cutting output. Cutting production by 3 million barrels a day would push global prices to $190, and a worst-case scenario of a 5-million-per-day cut would send the price of a single barrel to $380, analyst Natasha Kaneva wrote.<\/p>\n<p>Western countries are dependent on Russian oil, yet want to limit how profitible production is to Russian President Vladimir Putin. The Group of Seven leading industrial nations are trying to hammer out a <a href=\"https:\/\/www.dailywire.com\/news\/biden-and-other-world-leaders-want-a-global-price-cap-on-russian-oil\">complex plan to cap<\/a> the price Russia can fetch from oil sales to non G-7 countries as part of a menu of sanctions aimed at Russia.<\/p>\n<p>\u201cThe goal here is to starve Russia \u2014 starve Putin of his main source of cash and force down the price of Russian oil to help blunt the impact of Putin\u2019s war at the pump,\u201d a senior Biden administration official<\/p>\n<p>Told reporters. \u201cThe dual objectives of G7 leaders have been to take direct aim at Putin\u2019s revenues, particularly through energy, but also to minimize the spillovers and the impact on the G7 economies and the rest of the world.\u201d<\/p>\n<p>But such a cap could end up leaving Putin with more leverage than he currently has, according to the bank\u2019s experts.<\/p>\n<p>\u201cThe most obvious and likely risk with a price cap is that Russia might choose not to participate and instead retaliate by reducing exports,\u201d the analysts wrote.<\/p>\n<p>President Joe Biden acknowledged earlier this week that oil prices are on a rapid upward trajectory. When asked how long Americans should expect to pay high prices, he offered little room for optimism.<\/p>\n<p>\u201cAs long as it takes so Russia cannot in fact defeat Ukraine and move beyond Ukraine,\u201d Biden told reporters in Europe Thursday. \u201cThis is a critical, critical position for the world. Here we are. Why do we have NATO? I told Putin that in fact, if he were to move, we would move to strengthen NATO. We would move to strengthen NATO across the board.\u201d<\/p>\n<p>White House Director of the National Economic Council Brian Deese <a href=\"https:\/\/www.dailywire.com\/news\/biden-admin-to-families-suffering-high-gas-costs-this-is-about-the-future-of-the-liberal-world-order\">told CNN<\/a> Thursday afternoon that American families must take the high price of gasoline in stride.<\/p>\n<p>\u201cThis is about the future of the liberal world order, and we have to stand firm,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you think gas is expensive now, you ain\u2019t seen nothin\u2019 yet. The price of a barrel of oil, which now hovers around $111, could more than triple to a staggering $380 if Russia decides to cut its output, analysts at JP Morgan Chase are warning. With the price of a gallon of gas in &#8230;<\/p>\n","protected":false},"author":729,"featured_media":1536572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1536531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1536531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/729"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1536531"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1536531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1536572"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1536531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1536531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1536531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}