And Biden still hasn’t cut off the supply. That was a lie. This is still a demand issue from economic recovery. There was an oversupply last year which drove prices down (because there was less demand than anticipated because COVID wasn’t anticipated).
During Trump’s term, not Biden’s, producers shut down rigs as oil prices starting falling through the floor. Since the election (but really more in anticipation of recovery of demand), more units have been coming back online. That is the chart I sent you.
We have more oil hitting the market today than when Biden took office. The opposite of cutting off supplies happened.
This 3 year rig count chart and a basic understanding of supply and demand will tell you everything you need to know.
https://ycharts.com/indicators/us_rotary_rigs
Remember when the leading month oil futures contract went negative last year? People would pay you to take delivery of oil. That is how massively oversupplied we got because of the demand falloff.
Oil prices are now back in a healthy area. If they stay at this level and demand continues to recover, it is expected that more rigs will continue to come online.
Remember US shale producers are generally considered the “marginal supplier”, meaning that when prices get tight, US shale producers are one of the first suppliers to start shutting down because their profitability is impaired.
But after the beating the oil industry took last year, balance sheets are weak, and you can bet investment decisions will be more prudent.
OMG you are reaching (again).
Biden is WEAK! Putin's puppet. In 100 days we have an emboldened Iran and Russia, and even an ostrich like yourself has to know there is more to follow. Biden is just like Neville Chamberlain, and we all know what that led to.
If Germany wants to buy their energy from Russia, we should close our base there and put our troops where they are needed. Why should we protect them from Russia if they make themselves dependent on them?
Biden's state department is waiving sanctions against the company running the Nord Stream 2 project and it's CEO, a Putin crony, supposedly in the name of our relationship with Germany. But the European Parliament has called for the project to be stopped so Germany is actually going against its neighbors. The pipeline will increase European dependence on Russian gas so this is an economic reward to Putin.
Biden is treating a pipeline that increases Russian influence better than he treats American pipelines - see Keystone XL.
Sounds like you voted for a Russian agent.
Impeach the deranged liar!!
Published 6 hours ago
Biden tries to claim credit for cease-fire between Israel and Hamas
'You know, we've held intensive, high-level discussions, hour by hour, literally
https://www.foxnews.com/politics/bid...t-hamas-rocket
Biden can’t even dress up and come out of the basement to hold main foreign dignitary meetings by himself. I guess he’s leaving it to Harris to explain their making America go socialist first and then full commie agenda.
And this to one of our largest allies in the Far East.
Published 13 hours ago
VP Kamala Harris holds unusual bilateral meeting with a foreign leader at the White House
Harris’ session with Moon was not the first time she has spoken on her own with a world leader
Vice President Harris met with South Korean President Moon Jae-in at the White House on Friday, without the participation of President Biden, and then the two appeared together to make a statement.
A bilateral meeting at the White House between a U.S. vice president and a visiting head of state – followed by a joint appearance featuring the two – is highly unusual.
https://www.foxnews.com/politics/har...with-president