overnight. Like most other businesses they shut in production. There was no demand therefore it was the wise thing to do.
Meanwhile we had an election and the anti fossil fuels group won. And the endowments, hedge funds, private equity and pension funds caved into the climate alarmists. Don’t invest in fossil fuels.
So drillers, refiners, NOC’s delay restarting production. So the surge comes and the available production is not there and prices rise.
But this is the difference. The Biden gang and many European leaders don’t give a shit. They are climate cultists and believe higher prices will forced the change to clean energy. But the world is not capable of using clean energy now because the infrastructure is not in place.
What they won’t tell people is that we are talking about a 20 year transition. So if they prohibit drilling, close pipelines, and do everything in their power to limit fossil fuels they will create an economic collapse.