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It's like a smoker on their death bed worrying about cigarette prices in 100 years 🤣

i was told oil was hitting $200. so i sold my kids to buy shovels to dig a big pit in my backyard to store all of the oil i'm going to buy!

Weirdly it's not dropping much at the pump lol

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What is wrong with these news outlets, isn't that good. Less oil mean less pollution and these news outlets constantly post about shell and BP profits all the time .

In isolation it's good, but they're worried it's caused by inflation reducing demand, not greener policies. People can't afford oil so demand drops.

People being unable to afford stuff is generally a bad thing.

Rises like a rocket and drops like a feather

$79/barrel is a drop in oil prices?

Or by the barrel. But click bait articles live on.

Yep, and record profits suggest it wasn't inflation.

?????

Tl;Dr: Record profits appear unproportional and exploitative in regard to recent inflation.

Record profits within the oil industry and the subsequent drop in prices after quarterly SEC filings were published suggest that the original record price increases were not inflation. More than likely the majors took advantage of several aspects in the world economy during the last 3.5 years.

Increases in profits were not proportional to inflation. Hell, even supply and demand curves, in conjunction with rig count statistics, suggest production rose with demand until 2022, at which point companies slowed new drilling on already obtained permits (federal and state).

And why didn’t they drill? Because they have shell shock from 2014, oil companies aren’t reinvesting their profits in new wells.

Source petroleum engineer for the feds

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Record profits are due to lower investment in production resulting in scarcity. Particularly when you factor in Russia whom we showed to become an energy giant. There were large losses in past years that rather negate record profits overall.

> People being unable to afford stuff is generally a bad thing.

I agree, but markets adjust to lower demand by lowering prices to move product.

This is the headline when I click on the link:

"Oil edges higher as market weighs Russian supply cuts amid demand fears"

So is oil falling or raising? The answer is yes!