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Not an oil expert by any means but, my understanding is that....
1. Production cut leads to higher prices per oil barrel.
2. Higher prices means more fracking/offshore drilling/ oil sands ( practices can now afford to drill more due to higher oil prices).
3. Because more drilling is being done, oil supplies build up. This leads to lower prices.
Is that not how it works now, or am I missing a step? I don't think prices will skyrocket, but anything can happen (refinery explosion, pipeline leak, etc.)
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