The U.S. Oil Supply Is Still Out Of Balance
Why are fuel prices up? My Facebook feed blames Biden (imagine that) but the pandemic is the real culprit.
In spring of 2020, the pandemic killed demand for oil. The price fell and drove many US producers to bankruptcy leading to the largest production drop in US history (see chart). Demand has returned (mostly) but production hasn't caught up yet.
So Facebook,.... It wasn't Biden, green policies, or the Keystone pipeline just good old Mr. Market.
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