Ten-year chart, WTI at this link.
It's a fool's errand to predict the price of oil but when looking at this chart, two things jump out at me:
the price of oil can remain in a trading range for quite some time; and,
once the price of oil starts to move, it can move very, very quickly.
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Updates
June 22, 2021: after the following photos were posted, a reader replied --
I always like to quantify the absurd actions from Washington.
In the case of EV vs ICE, we use 10 million barrels of gas and 5 million barrels of diesel daily.
At 38kw/gallon that is 8 trillion KW of electricity that will have to be produced and transmitted in addition to what we do now. At 2.2 MW per windmill that is over 3.6 million windmills needed, and ??? how many huge power lines, transformers distribution centers etc…
P.T. Barnum was correct, there is a sucker born every minute. The insane part of all of it is there is no demand for electric cars, no power production or distribution and yet all the major auto manufacturers are investing billions in electric cars. I’ll stand by and watch what happens next.
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Original Post
Faux Environmentalists Prefer EVs To ICE
What the EVs require, link here (https://www.foxbusiness.com/energy/us-plans-to-spend-big-on-critical-minerals-choosing-where-isnt-easy); among everything else, no dual use:
What ICE require, link here:
In addition, over time, the pads will be returned to their original prairie state. And lots of dual use, and lots of mom-and-pop mineral owners receiving royalties.
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