The industry was a complete basket case in the few years before Covid.

Imo in part due to irrational exuberance over fracking. I think investors and producers underestimated the costs of keeping oil flowing as wells matured, which of course left everyone more vulnerable to the inevitable volatility of energy markets.

I don’t think I’d blame Trump for that, but then I don’t blame Biden for market volatility either, unlike Trumpistan, in which all good things are Trump’s doing and all bad things are…everyone else’s doing.

It’s a delicate balancing act - rational people want the transition to alternatives, but also want us and our allies producing as much of the world's fossil fuel supplies as possible while still in use (which will be decades). A classic paradox - goals pulling us in different directions.

In response to this post by Shenhoo

Posted: 11/27/2023 at 08:27AM

Haven’t heard any whining about US oil production in a minute -- Hoodeac 11/26/2023 5:33PM

Oil prices are in a sort of sweet spot at $75-80. It's affordable while -- Shenhoo 11/26/2023 8:31PM

As more people buy EVs, the demand for petroleum is driven down -- NJHoo 11/27/2023 2:21PM

The industry was a complete basket case in the few years before Covid. -- hoolstoptheheels 11/27/2023 08:27AM

Yes. Covid pushed many over the edge, but pre-Covid prices were already -- Shenhoo 11/27/2023 09:00AM

Great post ** -- 111Balz 11/27/2023 06:58AM

That's so weird. It's almost as if... -- Los Angeles Hoo 11/26/2023 6:36PM

So it was their fault a year ago but now it’s because of -- HoodatB 11/26/2023 8:11PM

No, it's because there are two different economic factors at play:... -- Los Angeles Hoo 11/26/2023 8:43PM

…dems were in the WH when prices spiked so it was politically convenient to -- hoolstoptheheels 11/27/2023 08:16AM

This is the correct answer: Presidents have little to do with this and -- southdenverhoo 11/27/2023 08:25AM

Yes, it would be better if we’d stop politicizing the inevitable, like -- hoolstoptheheels 11/27/2023 08:31AM

Of course, prices are down. Increased production at a rate faster than -- 111Balz 11/27/2023 06:56AM

LOL, hilarious - you're attempting to explain something to HoodRatB.** -- ResistHoo 11/26/2023 9:02PM

Buh, … uh … ** -- WaxHoo 11/26/2023 6:34PM

That's fake news or lawfare or something... Hunter Biden! Benghazi !! ** -- Newt 11/26/2023 6:20PM

The industry was a complete basket case in the few years before Covid.

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