Less than two months ago, analysts were talking about $100 a barrel oil prices; that now seems like a distant reality.
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It’s not insinuating that at all, in fact the article is pretty clear that this isn’t some sign of things to come, it’s pretty much only because OPEC and the US have been increasing supply of oil even though demand has been fairly stagnate or dropping. OPEC usually will slow production when prices get too low so there’s a good chance prices will start going back up again soon. The only reason this would be sustainable is if they chose to continue this level of production which they’d only do if they felt it could benefit them long term (for example if they think lower gas prices will prevent an increase in EV purchases, which is possible but not likely at this point).
Ugh. As much as I appreciate that people need cheap gas to survive, it does encourage more gas use. :(
The high prices in Europe due to Ukraine really lit a fire under everyone’s asses to switch energy sources. Useful, even if a lot of people suffered because of it.
Unfortunately humanity has shown that we just don’t give a fuck unless the correct people are fucking dieing in a relatively quick manner.
Or the rise of wind mills, solar panels, and electric cars also decrease the demand… get 2 economists in a room and get 3 opinions.
Take this with a giant grain of salt.
