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It seems forgotten now but for about a year before all this people were confused about why the oil price was higher than it should be as they expected a glut.
by ZeroGravitas 2mo ago
It seems forgotten now but for about a year before all this people were confused about why the oil price was higher than it should be as they expected a glut.
This theory would suggest that China was filling giant reserves at a certain price point.
There should be enough data to confirm or deny that by now.
- seanmcdirmid 2mo agoWeren’t the Americans also? The Biden admin drew the reserves down during a crunch and filled them back again when there was a glut of oil. I’m guessing most countries with a reserve were doing that. Oddly enough the MAGA side saw this as shenanigans (but we’re ok when Trump did the same thing, of course).