Attempts to light a fire under oil prices are fizzling so far
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 4 June 2024
⏱️ 8 minutes
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Summary
At its recent meeting, the oil cartel OPEC+ agreed to keep its lower production limits in place to try to prop up fuel prices. To the concern of producers and the delight of consumers, crude has been going for less than $80 a barrel since the beginning of May. And that’s being reflected at the pump. Plus, what’s behind GM’s move from the landmark Renaissance Center in Detroit?
Transcript
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| 0:00.0 | My name is Lee Hawkins. I've been a journalist for over 25 years. On my new |
| 0:08.8 | podcast, What Happened in Alabama, I get answers to some of the hardest questions about how things |
| 0:15.4 | came to be for many black Americans and the truth that must come before any reconciliation can |
| 0:21.6 | happen. I investigate my family history, my upbringing in |
| 0:26.2 | Minnesota and my father's painful nightmares about growing up in Alabama. What happened |
| 0:32.1 | in Alabama is a new series confronting the cycles of trauma for myself, |
| 0:37.0 | my family, and for many black Americans. |
| 0:40.0 | Listen now. Attempts to |
| 0:50.0 | Attempts to light a fire under oil prices are fizzling so far. |
| 0:56.0 | I'm David Brancaccio, OPEC Plus, the Oil Cartel, including Russia, agreed at its latest meeting |
| 1:02.0 | to keep its lower production limits in place |
| 1:04.4 | to try to prop up fuel prices. To the concern of those producers and the delight |
| 1:09.5 | of consumers crude has been going for less than $80 a barrel since the beginning of May. |
| 1:14.7 | And OPEC's moves don't appear to be pushing up prices at the moment. |
| 1:18.0 | We're at 72.70 a barrel here in New York, down 2.1% today, Marketplace's Mitchell Hartman reports. |
| 1:25.5 | OPEC Plus announced it'll extend some voluntary production curbs into 2025 and could phase |
| 1:31.7 | others out later this year. |
| 1:33.0 | Andrew Gross, a AAA, calls it typical OPEC mushiness. |
| 1:38.0 | Clearly, the oil market took in OPEC plus's news and sort of shrugged and the price of oil dropped a couple dollars a barrel. |
| 1:45.8 | One thing weakening OPEC's pricing power is anemic oil demand, especially in China, |
| 1:51.5 | says Columbia Business School climate economist |
| 1:53.9 | Gernet Wagner. |
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