Market analyst Phil Flynn and GasBuddy's Patrick De Haan discuss a Russian oil price cap's impact on U.S. oil and gas prices during one of the busiest travel seasons of the year.
"We're watching continued challenges in China with COVID, that is pushing oil prices down significantly as China acts to shut down its economy, which limits oil consumption," De Haan said. "In the last week, [seeing] some of the biggest drops now – prices in Wisconsin down $0.24, California down $0.23 in the run-up to Thanksgiving."
G7 nations considering a price cap on Russian oil are considering a"stupid and futile gesture," Price Futures Group market analyst Phil Flynn said on"Varney & Co." Wednesday, November 23, 2022. But Flynn warned a price cap could backfire, and reverse the recent downtrend in national gas prices. "Countries can't even agree on what's a fair price for oil… If you come in with the price that's too low or too high, you're either going to restrict supply, or the price cap isn't going to have any impact at all," Flynn explained. "But at the end of the day, the one thing that I can tell you is that when you put a price cap into place and demand surges, and you don't have that supply, the prices are going to go up, and you're going to see shortages.
He continued saying that the G7 countries "should know better," and prepare for the possibility that a price cap may not have its intended effect.
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