The current situation is more the artificial deflation in costs due to massive oversupply. This had to be corrected, and it would have happened naturally after enough of our producers shut down.
Oil producers have breakeven costs. The 10mil/day cuts will not be enough to maintain the pre-virus situation in the US, but it will lessen the amount our competitive suppliers will have to collectively cut to re-establish the supply and demand balance.
So, I'm supposed to cheer the artificial inflation of gasoline prices?
I don't need cheap stuff.
I need my neighbors to have jobs.
And energy independence!
Exactly! This is smart thinking
The current situation is more the artificial deflation in costs due to massive oversupply. This had to be corrected, and it would have happened naturally after enough of our producers shut down.
Oil producers have breakeven costs. The 10mil/day cuts will not be enough to maintain the pre-virus situation in the US, but it will lessen the amount our competitive suppliers will have to collectively cut to re-establish the supply and demand balance.
This. We need to stop sacrificing our country on the altar of free trade and cheap stuff.
I'm with you there. However, those are the people I'm talking about, they're financially strapped.
Business as usual then.
Yup. Stronger economy. In Trump we Trust.
If it helps energy and oil workers keep there jobs and helps avoid economic devastation, then a few cents more at the pump won't kill me.