A couple of questions for you. What is the relationship between the drilling rig number and refinery output, and demand?
Also, what oil companies were going belly up during this period?
It would seem to me rather odd that the increase of oil production (more rigs) would increase with gas prices. Presumably, the rigs were getting oil to the surface. And, if drilling companies would certainly think they could sell it once it's on the surface.
The demand is certainly there.
It would seem to me that the bottleneck is at the refinery.
Another thing, I've read pretty much of the thread and I'm struck by another oddity. Why is it difficult to believe that oil companies would agree to use manipulative methods to drive the prices higher?