RE:If rate hikes are workingThe only reason that worked in 2014(yanking crude) is that opec had several mega projects coming on stream(due to $100 oil incentive) and Wall Street decided to flood Permian basin producers with cash . Permian still had very high flow rates and horizontal drilling was just being perfected . Today the Permian gushers are much harder to find and opec has stopped being the west's little ***** . Even if Wall Street found a way to drive oil to $40 now it would cause 50% of drilling to stop on a dime and in 6 months you have oil supply crisis