RE:RE:Production up another 71,000 barrels this weekyitearp wrote: You are not seeing the complete picture. Americans consume ~19M barrels/day and produce ~10 M. What are Americans supposed to do? Be at the mercy of the camel jockeys or the hacking Russians? I don't think so. Now if loser countries like Russia consumed as much as Americans there would be no issue, demand would outstrip supply but Russians don't need oil to power their computers so they can hack everyone. Spasibo by a$$.
Camel jockeys? Why are you getting racist. Don't be a bitter old man.
Russia and OPEC took the step to lower their production. They made a sacrifice of the betterment of the oil market and to support prices. If Americans fill that void, Russia and OPEC will put their barrels back on the market and crush prices. The American oil drillers will be hurt far more than they will, as witnessed by the events over the last few years. The entire industry will be bankrupt at $40 WTI.