The Force is dead
NPC chant: THEY ARE WORKING!

Here's your spike

Three major reasons for high oil prices in America:

  1. Increase in demand due to the end of lockdowns.
  2. US domestic supply restrictions.
  3. Money printer go brrrr.

It would have been absolutely shocking had the price of oil gone to the same level as it was in 2019 (roughly $65). That would have been possible if OPEC had gone totally nuts and pumped huge amounts of oil in the global market. Given the price crash to $20 two years ago, OPEC isn't losing sleep now when oil is hovering around $120.

What will we do without these experts? It's funny how basic economics is referred to as "dubious". We knew it would happen and now we know the exact magnitude: the price of oil has roughly doubled from three years ago.

The elections later this year should be interesting.

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