because we have a quasi free market economy where prices are hugely dictated by wall street speculation and not by just supply and demand. It takes a very long time for supply changes to affect prices. Wall street can spike the price 20% in a day. On top of that you have a refinery "explosion" almost every other week now so they have an excuse for the increased prices.Then ‘splain why gas is through the roof? If you think we’re producing so much? Where is it going if not to our own refineries and ultimately our own gas stations?
overlay a supply chart with a price chart. You will quickly see they have little correlation except for extreme fluctuations.
Crude Oil Production Statistics | Crude Oil | Enerdata
Crude Oil Production detailed by Region. Get updated figures on crude production with graphs and analysis provided by Enerdata.
yearbook.enerdata.net
Crude Oil Prices - 70 Year Historical Chart
Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today's latest value.
www.macrotrends.net
as you can see. Oil supply has taken only 1 "major" dip of 6%, 2020, entirely because of the covid scare. It has maintained and very steady increase since the 80's with a few very small fluctuations. And yet oil prices have swung wildly throughout history. Oil is driven by fear and manipulation.
Last edited: