[–] datadrivenangel 8mo ago ↗ The whole point of shale is that you can get it going again quickly and piecemeal based on the price of oil. It puts a large plateau/floor on oil at $~60 per barrel which is geopolitically very useful.
[–] jameslk 8mo ago ↗ It hasn’t kept up with inflation and the price of hard metal commodities so it’s more like the price keeps going down:https://www.macrotrends.net/1369/crude-oil-price-history-cha...https://www.macrotrends.net/1380/gold-to-oil-ratio-historica...Given the sharp rise in production since 2010, it seems the flat price has more to do with increasing supply and less to do with waning demand:https://www.eia.gov/dnav/pet/hist/leafhandler.ashx?n=pet&s=m...https://ourworldindata.org/grapher/oil-production-by-country
[–] shrubble 8mo ago ↗ The rule of thumb is that for every penny of gas price at the pump, averaged over the year, it takes $1 billion of consumer spending.So if the gas prices drop by say 20 cents per gallon vs last year, that’s $20 billion more dollars in consumer pockets that can be spent elsewhere.
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[ 2.4 ms ] story [ 23.1 ms ] threadhttps://www.macrotrends.net/1369/crude-oil-price-history-cha...
https://www.macrotrends.net/1380/gold-to-oil-ratio-historica...
Given the sharp rise in production since 2010, it seems the flat price has more to do with increasing supply and less to do with waning demand:
https://www.eia.gov/dnav/pet/hist/leafhandler.ashx?n=pet&s=m...
https://ourworldindata.org/grapher/oil-production-by-country
So if the gas prices drop by say 20 cents per gallon vs last year, that’s $20 billion more dollars in consumer pockets that can be spent elsewhere.