Tornado Alley (PROG)

[blackhawks]

You f'in ahistorical oil economics illiterate.

What did you think an economic recovery WOULD look like for the price of oil and supplies not yet up to demand?

https://www.factcheck.org/2020/10/misleading-messages-on-gasoline-prices/

The issue of supply and demand is why prices at the pump have been low in 2020. Due to the outbreak of the novel coronavirus, global oil demand dropped by 5.6 million barrels per day in the first quarter of the year, compared to the previous year, according to the International Energy Agency.

With a steep decline in road traffic, “[g]asoline was the fuel with the largest absolute decline in demand related to Covid-19 containment measures,” according to an April report from the IEA.

Similarly, the most recent weekly report from the EIA, the U.S. agency, said, “Efforts to mitigate COVID-19’s spread led to a collapse in global petroleum product demand.” Although global demand has recovered “somewhat,” it said, demand is still lagging what it was in 2019 and “[f]uture demand for petroleum products remains highly uncertain as COVID-19 infection rates are rising in a number of countries.”