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Economy
Oil heads for biggest annual gain since at least 2016
2021-12-31
[Reuters] Oil prices fell on Friday but were set to post their biggest annual gains since at least 2016, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record highs around the world.
Posted by:Besoeker

#5  Shutting down Keystone also had a cascading effect on reducing supply
Posted by: Merrick Ferret   2021-12-31 16:11  

#4  No doubt AOC, who has a degree in economics, would disagree....
Posted by: CrazyFool   2021-12-31 14:05  

#3  What Mullah Richard said. What every Econ 101 student knows after the second week of the course at the latest.
Posted by: Tom   2021-12-31 13:54  

#2  one of the problems this year was Hurricane Ida which forced much of the Gulf oil production to shut down at the end of August; this depressed supply until about October - since October there has been a significant recovery in production

unfortunately however, the hostile US political regime has led to a big decline in exploration in 2021 which fell by over 60% from 2020

this creates a problem going forward
Posted by: Lord Garth   2021-12-31 11:34  

#1  Market prices often reflect product availability. 'Supply and Demand' (and all that other icky stuff requiring logic and math).

When a product becomes less available due to 'producer restraint' brought on by government restrictions, the product price goes up.
Posted by: Mullah Richard   2021-12-31 09:50  

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