Quote:
Originally Posted by merlinmurph
Supply and demand - again.
A year ago, there was a huge glut of oil. Literally, we were running out of places to store it. Demand was way down because of COVID and the supply side hadn't adjusted. Hence, low prices. Now, the demand has skyrocketed with people driving again, planes flying again, etc. and OPEC hasn't changed supply. Hence, higher prices.
Nothing to do with the mythical energy independence.
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Hogwash.
We went from a net exporter (glut of oil) to net importer of oil (begging Russia and Saudis).