Originally Posted by
OpieTaylor
Please explain how 5m barrels per day shortage jumps oil to $200, when average consumption was 106m bpd @$60 per barrel.
There has never been a period in history where the world consumed 101m bpd at $200 price point index.
A simple AI search would explain how that’s possible, and oil has reached $211 (adjusted for inflation) a barrel at the consumption rate of 85-86 million barrels per day in 2008. I still remember it well as a starving RJ FO paying $4.29 a gallon for 87 octane in July 2008, which is the equivalent of $6.44 a gallon today.