Yesterday for a number of reasons, including a new Covid variant, impacts on the stock market and oil prices. Oil was impacted by potential decrease in activity because of the new variant, extra oil going on the market from the Strategic reserve and then the traders covering positions once the price moved.
We really should be reducing our use of oil on a long range but interestingly during the Pandemic last year many people crowed about how the reduced usage wa good for the planet. It sort of was but not much, it was a one year blip, that led to very low prices and a minor reduction in emissions.
We don't realy have a shortage of oil, we simply have speculators bidding the price up or down based on potential changes. If they are convinced oil is going up they buy at current prices to sell later at a profit. The reverse is also true.
If we had an actual shortage, we would have lines to get oil and some places would have none.
Just speculation and greed.
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