How Did TNF Members Vote On Bridenstine Vs. Olson

[heironymouspasparagus]

They can pump more, but not more light sweet. The last few times they've said they'd increase production, they haven't really. (that's what they say on the oil drum, anyway, with charts to prove it. )Iraq, on the other hand, very much could increase output of the good stuff if people would stop blowing up the infrastructure. Not that they have any reason to do so. They obviously enjoy the high prices.

Back in the bad old days when we were in the worst recession in history next to the 30's depression - 2007 thru mid 2009 - Saudi talked regularly about how they wanted oil to be somewhere in the $60 - 70 per barrel - they saw that as the best operating point of supply/demand/price that would maximize their revenue while keeping the price low enough to not hurt the world demand (make the worldwide recession worse).  Usually they are exceptional at dialing that number in, but this time they missed it by about $25-30...the current price range near $85-90.

Which makes them happy that demand hasn't been adversely effected with the higher prices.  We now have the 'real' price of oil.  Today's price.  Now they know this, they won't increase production, since it might bring down prices.