What’s your point? That prices are going up? That’s kind of obvious.
You asked where the oil was going to come from, and the answer is that there are a lot of places that you can still get oil, even if it’s more expensive than before.
My point is that there’s a global shortage of oil, so whatever oil is available on the market will be put to direct use. Meanwhile, the US is doing the opposite of refilling the strategic reserve right now, they’re draining it in a desperate attempt to stabilize the price. And no, there aren’t magical places where oil grown on trees where you can just go and get more. That’s not how anything works.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M
About 13 million barrels per day could probably be coming from the US itself, and I’m sure there are still plenty of other places willing to sell oil.
So, when around 20%~30% of a commodity is taken off the market suddenly, do you think there will be a shortage or a surplus of the said commodity?
What’s your point? That prices are going up? That’s kind of obvious.
You asked where the oil was going to come from, and the answer is that there are a lot of places that you can still get oil, even if it’s more expensive than before.
My point is that there’s a global shortage of oil, so whatever oil is available on the market will be put to direct use. Meanwhile, the US is doing the opposite of refilling the strategic reserve right now, they’re draining it in a desperate attempt to stabilize the price. And no, there aren’t magical places where oil grown on trees where you can just go and get more. That’s not how anything works.