What is keeping oil price down?
>>62069144oil
>>62069144Hubris
It isn't the 1970's, the entire world produces tons of oil now not just the middle east. We literally just started expanding operations in Venezuela (the world's second largest reserves after KSA)
>>62069144We are in a global depression
>>62069144all the american tax money they stole is keeping the illusion the petrodollar isn't collapsing alive
>>62069144Check here silly frog.>>62062457
>>62069152This. Its hilarious how the shills and shitskin baggies have fucked up the advertising campaign around >Iiiits the 70s do you member fellow GenZ
>>62069152Venuzeuala is the hardest, most difficult oil to extract. We have to build pipes that heat up the underground layers, which takes years, to the point where the oil is vicious enough to be pumped. That requires heavy ingastructure development in the remote regions. Venuzeuala won't be significantly increasing its oil production for a decade.OPEC is the only place in the world that can reliably open the tap, but that's the place under siege. Russia is getting hit because the high oil prices would benefit their war economy.The real reason oil isn't $200 or $300 a barrel is brgsuse we planned for this for 50 years. The USA has 400+ million barrels stored underground that can be extracted at 2 million per day. Japan has a huge supply, too. China has a massive supply that its been filling for years. Many other countries do, too.The problem is those are very small, finite resources. Eventually they will start to dwindle. Not years from now, but months, if the strait is closed. But then demand destruction will take over as people carpool, vacations are cancelled, and blankets instead of heaters are used for the winter.
Me
>>62069144The Chinese are turning people into oil.
>>62069144Global oil reserves being tapped to keep prices downAlso there are probably algorithmic traders falling for the headlines spun by trump, also holding back the more rational investors. I think this has diminshed because WTI is now at 112.Maybe countries are also secretly shorting oil.
>>62069144Market manipulation by Trump's truth posts and more importantly, countries' reserves are being tapped into heavily right now.
