US oil production down, first time since pandemic.
- Thread starter Jarod
- Start date
Tbird19482
Verified User
Well
It only makes sense that they aren't going to keep producing if they are not making a profit.
the CEOs of the big oil companies came out a long time ago when the Saudis started flooding the market again driving the price down that they would not keep producing oil if they weren't making a good profit on what they produce so they will be cutting back and refineries will be buying cheap oil from the world market.
It only makes sense that they aren't going to keep producing if they are not making a profit.
Under Biden we had the most American oil drilled ever. Trump of course lied about that as the dishonest person he is showed again. The price of oil is determined by speculators and the commodities market. The old days of supply and demand determining prices is long gone. That means the prices can be manipulated. They are.
At $67 a barrel, frackers are hurting, they need $110 to make a profit