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re: Oil Price Article: Why OPEC+ Didn’t Respond To U.S. Calls For More Oil
Posted on 12/29/21 at 12:00 pm to The Goon
Posted on 12/29/21 at 12:00 pm to The Goon
quote:
Trump handed out permits like Mardi Gras on the way out. The process from getting oil out of the ground to consumer is capital intense and does not react well to supply shocks.
Work from home killed oil demand and drove up supply to almost 100% capacity. Drilling stopped almost immediately and only picked up this year.
What Biden is doing is adding political risk to oil and gas production as nobody knows what nonsense is going to come out of this administration.
It almost never fails that the most sensible posts are met with crickets.
Thanks for providing a bit of perspective to the thread. I don't think a lot of people on this board realize that when oil futures went negative last year, it wasn't necessarily a good thing.
1
Posted on 12/29/21 at 12:32 pm to WildTchoupitoulas
quote:
I don't think a lot of people on this board realize that when oil futures went negative last year, it wasn't necessarily a good thing.
I do nothing but laugh at the idiots who repost Facebook memes showing $1.43/gallon gasoline signs from last Spring and trying to use it as some sort of measure as to how great Donald Trump was compared to Joe Biden.
Gasoline was $1.43/gal because hardly anyone was driving or flying and a good bit of economic commerce had been shut down.
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