RE:RE:What will happen to oil in this scenario Where to begin? First, Biden draining the SPR in an attempt to assuage his opposition
and the public is akin to unloading their gold reserves in a vain attempt to prop up
their massive debts and negative balance of payments. Now the gold is gone as well
as their strategic oil reserves. Now what then?
Next is the catastrophic mistake of shunning fossil fuels before they had a proper
and sensible plan to transition into renewables and ESG's. Now due to this collosal
policy disaster, the world is going to pay a very heavy price in terms of economic hardship and 3rd world starvation.
While not all can be put on the backs of the idealogues who have co opted gov'ts
and the public into thinking that fossil fuels are the curse of the world, Putins war
has also contributed to the crisis and he has put the spotlight on the critical need for
oil despite the negative rhetoric coming from gov'ts. Renewables are not able to replace fossil fuel usage now or in the fosreseeable future and the rantings of of idealogues and like minded individual are fallling short in hard plans to transition into the future
without undue hardship.
Due to years of underinvestment and misdirected capital, the needle is permantly
frozen on tight supply with ever growing demand. The inflationary impact of this
is nothing short of a disaster and could have largely been avoided. Those responsible
for this will duck the issue and will most likey evade the consequences. Those that
cannot will suffer through economic hardship and starvation. The arrogance and
stupidity of this will linger for a long time IMO and Putin will give the West a whipping
like they have never seen before. I'm no fan of Putin but neither am I of arrogance
and stupidity.