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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The oversupply was well before covid. Russia and Saudi Arabia trying to oversupply each other contributed. The economy was much better than now too. People havysuch short memories.
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