WTI crude was over $120/bbl as recently as June. Today it's $81/bbl.
You said demand has dropped. How can that be when winter is here? Shouldn’t we expect demand to INCREASE instead?
It's a global market and North American heating oil consumption doesn't make much of a dent, especially compared to the demands of summer driving season.
The consumption of heating oil has been in decline for decades.
What's having a much bigger impact on prices now is the projected global economic slowdown, especially with China still fighting Covid with lockdowns.
The operative words in the title are “If He Wants To.” No, he does not want to. He wants to destroy the United States. This guy will rot in hell and those who are making his decisions for him will do the same.
RE: WTI crude was over $120/bbl as recently as June. Today it’s $81/bbl
Actually we should be looking at average price per barrel over several months. Not just for last month or today.
Pre pandemic, when there was no recession and the economies of the world were normal, WTI was averaging less than $60/bbl. This year it is averaging over 30% MORE.
My heating oil and gas prices aren’t going down. It used to be $2.60 before the pandemic when the economy was at close to full employment. It is now $3.75 average in my tri state area. Over 40% more than before. If supply were catching up with demand, and with demand slowing down, I shouldn’t be seeing what I’m seeing IN MY CITY.
RE: The consumption of heating oil has been in decline for decades
Of course. Heating by oil has increasingly been replaced by natural gas.
Small comfort. It’s not as if natural gas prices have not been increasing.
In fact, it’s even worse than oil. Price per BTU have DOUBLED compared to pre pandemic. Are we encouraging more or less fracking compared to the previous administration?