Really nothing to do with the election.
US Oil production is up, demand is just up a lot more than production.
US output was 10.5M/day last October, and 11.3M this October.
The EIA estimates that we will be over 12M next year, and return to record production in 2023. But historically investors have found them to be a bit conservative in their forward forecasting.
Americans could lower their demand, but personally, I don't think the price is high enough to see actual changes in US consumption.
|