No one wants to stop producing oil. The Saudis keep producing. The Bakken keeps producing. The fucking Iranians keep producing. And the vagrant vagabond U.S. stripper wells keep producing oil.
They wells will keep producing until the refuse of the excesses drown the owners in disgusting oily graves.
It’s utterly absurd how incompetent the oil men are, simply watching oil drop like this without cutting supply. The whole thing is like a cartoon, with one bad character trying to drop an anvil on the next. This is very reminiscent of the shipping industry and how bankrupt ships kept afloat, fueled by cheap money, laying waste to an ancient economy in the process.
The Iranians haven’t even re-entered the market yet. That happens in about 30 days when sanctions come off. Something to look forward to. (extra sarcasm)
I’ve sold all my LED light bulbs, and we now illuminate our home with oil lamps. My oil lamp store says to expect a free 55 gallon barrel of WTI with each lamp purchased.
There is nowhere left to store oil. Why isn’t this a boom for engineering and construction???