Near term West Texas Intermediate is at $72.70 this morning, and has traded in a range of about $67-88 over the past year. Oil companies continue to say they are focused on extraction from current wells and returning profits to investors; little is being discussed about new exploration. The new administration is not reading the room. Those in the business have already found all the easy oil. That which is sought now is expensive--either way out in the ocean, in some freezing climate or requires fracking. When oil producers say the price of oil is not worth them finding more, listen to them.

Now continues to be a great time to develop alternative sources, e.g., solar and wind. Doing so is faster and cheaper than the process of brining an oil or gas well on line. Further development of these sources is hindered by one thing--naive politicians who are not paying attention to what their special interests are telling them...