I side with the belief that an oil glut was created an no one chose to be the odd man out and quit producing. This sent oil prices downward.
People are already bringing out their SUVs and pickup trucks in celebration. Where before people limited their use, they are now preferring gas-intensive vehicles.
I don’t suspect new car owners will be jumping too quick to buy guzzlers, but the move continues, none-the-less.
OPEC is cutting their price. They do this every time we start drilling in order to drive American oil production out of business. The us needs to slap an import teriff on OPEC oil to protect US production. It’s called predatory pricing, and it’s illegal in the US. Why we’ve let the Arabs get away with it for decades I have no clue.