Mm-hmm... DEMAND is “faltering”. It has nothing to do with a politician FINALLY opening up the possibility of increasing drilling and thus increasing SUPPLY.
Of course it has nothing to do with that! We can’t drill our way out of this! /s
:)
The one action with concrete possibility was announcing the sale this fall of leases in NPR-A. None of that would affect supply NOW. I would look elsewhere, such as that the price increases have increased too much in recent months and overshot the goal as usual. Prices rarely hit their demand/supply number and stay there. Also, supply is somewhat in excess so they can slosh shipments around a little. It's not a lot and not really significant unless you deal in margin accounts. Likely: overcorrection is what we have seen, a little anxiety. Now we would see overcorrection on the low side, a little complacency.
Lease sales 24 Sept in Anchorage.