And cheap oil is bad for the US oil industry and US energy independence. Under ~$3 a barrel and our fracked oil fields become unprofitable. Something like ¾ of Texas’ oil fields were closed in the first year or so after covid and most fracked wells suffer damage from closing process and can’t be re-opened. Putin intentionally kept production high during Covid, causing the prices to plummet more, to damage the US oil industry as we’d become the world’s top producer.
Heck the stupid XL pipeline not being available keeps prices low for the US Midwest because Canada is forced to sell crude at a discount to US midwest refineries. But Republicans repeat the Koch brothers promoted, well-rehearsed lies that that somehow that pipeline allowing Canada to get their crude to refineries on the Texas coast and sell on a world market would lower gas prices.
And cheap oil is bad for the US oil industry and US energy independence. Under ~$3 a barrel and our fracked oil fields become unprofitable. Something like ¾ of Texas’ oil fields were closed in the first year or so after covid and most fracked wells suffer damage from closing process and can’t be re-opened. Putin intentionally kept production high during Covid, causing the prices to plummet more, to damage the US oil industry as we’d become the world’s top producer.
Heck the stupid XL pipeline not being available keeps prices low for the US Midwest because Canada is forced to sell crude at a discount to US midwest refineries. But Republicans repeat the Koch brothers promoted, well-rehearsed lies that that somehow that pipeline allowing Canada to get their crude to refineries on the Texas coast and sell on a world market would lower gas prices.