366h34d
Platinum Member
- Dec 17, 2020
- 1,260
- 654
ya. give me a break, oil prices had dropped into negative territory for how long (I believe it was less than a month)? The negative value had a lot to do with the warehouse cost and the port.Oil prices dropped into negative territory while Trump was President because of the dramatic drop in demand due to the pandemic.
Oil is spiking now because of a massive surge in demand while Russia and OPEC are holding back on increasing productivity. They like high oil prices because their economies are wholly dependent on oil.
This is affecting the entire planet, not just the US.
Meanwhile, oil demand is not the only thing spiking. The demand for consumer goods is the highest it has ever been, and that is leading to supply snarls.
Nevertheless, these spikes in demand are a good sign for the stock market, which is why it is at its highest level ever.
Are you saying the oil demand is higher than pre-c19? why high oil demand?Should all the western countries go green? You should not drink the MSM kool-aid and go to read how the US played with OPEC in the 2000's and 2010s. It has little to do with the oil demand. Anyway, when the US had no chips to play, the US can only be a sitting duck.