Two of the biggest banks on Wall Street are calling a new “supercycle” in oil

By Julianne Geiger for Oilprice.com


Two of the biggest banks on Wall Street are calling a new “supercycle” in oil, with JPMorgan Chase and Goldman Sachs both predicting prices will soar when the pandemic abates.

The most bullish forecast has international crude prices staging a comeback towards the $100-a-barrel region — a level not reached since 2014. The expected surge is predicated



The cancellation of the Keystone XL pipeline last month not only affected thousands of workers, but also harmed communities that were preparing for an influx of residents and tax revenue, South Dakota Gov. Kristi Noem said Tuesday.


The Republican told "Fox News Primetime" host Rachel Campos-Duffy that President Biden's termination of the pipeline’s permit left South Dakota residents "devastated."


Noem: "The pipeline was being built through the state of South Dakota. In fact, they had already built a couple of pumping stations, they had the pipeline laid out ready to be installed, and then when he pulled the permits, everything just stopped.

"There are so many families that have told their stories in recent days about the devastation to them and their incomes and businesses. We had restaurants and motels, gas stations that had expanded, getting ready for the workers that were going to be there [for] the next several years building the pipeline.


"They were excited about the opportunities to get the property taxes in these local small schools from the pipeline. It was always going to be a source of revenue that would help them keep their roads fixed and commerce going and make sure that their teachers could be well-paid. In a lot of these remote areas ... that is a little challenging.


"Overnight, their whole plan for the future was just gone. And I think for a lot of families in the state of South Dakota, it was devastating."


Noem, considered by some to be a potential candidate for the White House in 2024, also discussed the future of the Republican Party after former President Donald Trump's acquittal in his Senate impeachment trial.


NOEM: "I think what people want is a Republican Party that actually follows through on what they are going to do, that actually puts forward and enacts the policies that we say we believe in. We talked for years about doing health care reform, repealing ObamaCare,and we have not done it. We talked about doing immigration reform, making sure that we are welcoming people legally into the country, and we have not done it.

"So, that's what I think the last several years should teach Republicans, is that we are tired of politicians and people that stand up and give speeches and never take action. That's what the last administration did, is they took action and people realized that they liked that and they liked the benefits of people who actually were public servants."

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