Quote:
Originally Posted by Two Bills
I always thought oil and gas prices were set by supply and demand, and not by governments.
In early 2020 oil prices crashed because of the pandemic, when demand was at rock bottom.
Demand has now risen beyond production, so price goes through the roof.
Soon oil producers will step up production to take advantage of the high price, then when the glut of the stuff comes, prices will drop.
It's a never ending cycle.
I don't see anything political in it.
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Oil production (at least in the US) is most certainly political. The recent EOs banning offshore drilling will decrease production and increase demand.
Decreasing fracking will do the same for Natural Gas prices...