The thing this idea doesn't account for are sudden supply increases. Particularly fracking and the newly discovered artic oil field. Even the discovery of new fields, if large enough, lowers prices based on anticipated future supply.
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Fracking has been proven by all accounts to lose money per each barrel extracted. Inflation if even alone will dictate future prices. Have you seen where the $'s purchasing power is going? How about "shrinkflation"
It's less about making money, and more about sticking it to the Sauds. Imagine how much the Sauds haaaated that price drop in your chart... All because of fracking. Hated it so much they secretly funded that Matt Damon documentary against it. Russians hated it so much they funded the Standing Rock protests.
Literally every oil producer in the world getting rich off of US consumption detests the fact we figured out how to pull it locally without tapping out emergency reserves.
It's not a profit move, it's a political one. And so it's likely to keep going. A passive aggressive way to defend nation's getting a little big for their britches, and much more effective than a UN resolution. ;-)