You okay there bud? I'm not sure what you are reading in the...

  1. 9,225 Posts.
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    You okay there bud?

    I'm not sure what you are reading in the Trump worship media ecosystem, but here's what is happening in the real world.

    US oil production is expensive. Shale oil producers have been cutting production and concentrating on cashflow and returns to investors, as even in boom times they struggle to turn a profit. Low demand in the pandemic has seen the price of West Texas Intermediate (WTI) drop from $58 to $17. So drilling activity was cut back from 753 to 572 rigs. On top of that the deep freeze February in Texas damaged a lot of equipment, and low prices meant it wasn't viable to repair damaged infrastructure.

    So there's this thing called capitalism. You don't invest if you can't make a profit. The market didn't anticipate there would be such a recovery under Biden, so much more activity, and consequently so much more demand for oil. OPEC and Russia, along with global oil companies, saw a chance to maximise profit before US domestic production ramped up again.

    That explains your graphs. I can't explain your obsession with inserting green gherkins in body orifices though - that's just weird.
 
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