would say that Oil prices "are weak" or are they "collapsing"? why?
who is that heavy set old guy with glasses on Bloomberg's Morning show? he said that "Oil prices are...weak this morning"...they are down another 3-4 percent already and they dropped 6 percent yesterday? that is an understatement to say they are "weak"?
- kswck2Lv 74 weeks agoFavorite Answer
Oil prices mostly collapsed in the past 18 months or so, partly due to the amount of oil drilling in the West. The US is trying to get away from its independence on Middle East oil, so they are drilling at home. And science has proven that the West has huge amounts of oil available.
When Obama was in office, the price of a gallon of gas was about $4.15. Now is is $1.99. This is due to US oil, not Iranian oil.
But like anything, it is supply and demand. With COVID, no one is driving. So there is a glut in oil supplies. So the price of a barrel of oil is weaker.
- Anonymous4 weeks ago
Biden has pledged to destroy the oil industry if he is elected and investors are nervous that he has a small chance to win.