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re: Oil prices past 10 years graph question.
Posted on 1/13/16 at 7:12 pm to alajones
Posted on 1/13/16 at 7:12 pm to alajones
quote:
Definitely not supply and demand
100% incorrect. The price spiked on high demand and limited capacity (outside of the OPEC cartel). Obama and the democrats said we couldn't drill our way out of the shortage and they were dead wrong. Domestic producers substantially increased production, mosty through fracking, and Saudi lost market share. Saudi has kept their foot on the production throttle the regain their share and now the world is awash with more oil than it needs. It is exactly, supply and demand.
3
Posted on 1/13/16 at 7:17 pm to The First Cut
quote:
The First Cut
Obviously you didn't catch his sarcasm.
Now just waiting on someone to blame Obama
Posted on 1/13/16 at 7:25 pm to The First Cut
Look at the imbalance of supply and demand on this chart back in 2010. It was actually more of imbalance to the demand side then there is on the supply side now. That was the main reason for the price spike.
After that spike in pricing is when activity in shale development really ramped up and US production nearly doubled as these plays become much more economically viable. That has resulted in where we are now with supply outstripping demand.
This post was edited on 1/13/16 at 7:27 pm
Posted on 1/14/16 at 12:09 pm to The First Cut
quote:So what I'm understanding from you and Slackster's post is a robust world economy coupled with the many actions in Nigeria, Iraq, Scotland etc. caused a slight shortage, thus demand was greater than supply. Makes sense.
100% incorrect. The price spiked on high demand and limited capacity (outside of the OPEC cartel). Obama and the democrats said we couldn't drill our way out of the shortage and they were dead wrong. Domestic producers substantially increased production, mosty through fracking, and Saudi lost market share. Saudi has kept their foot on the production throttle the regain their share and now the world is awash with more oil than it needs. It is exactly, supply and demand.
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