Market fears of a recession Are dragging oil down in an over reaction to the recession premise. While debt-dependent sector like finance, reits, tel and transport may suffer, for certain, oil and defence industries will do just fine in the medium term.
Stumblebum Joe is busily shovelling sand against the tide and his antipathy to oil plus his blind refusal to accept its necessity will ensure the price remains high. The one constant in a volatile sector is that the market is under supplied and the contortions of idiots like Merkel, Biden and Trudeau to avoid the realities of oil's necessity will ensure that the under supply is permanent.
Not just India and China are expanding coal-fired generation. Europe, especially Germany and Poland are reverting to dirty brown lignite coal due to master strategist Putin continuing on to Day 115 in his 3 day war.
Great work on killing the oil industry you tone-deaf green idiots. What's next - repealing the Law of Gravity? Darwin laughs.