The near-term contract for US benchmark West Texas Intermediate is at $68.16 as I write this, down 15% from its 2025 high (on January 15) of $80.

One thing I've learned by living in Okiehomie is that all the easy oil has been found and developed. What is coming out of the ground from new wells is much more expensive to develop. Oil producers are NOT going to develop wells where the cost of that oil is higher than the market-clearing price. What the market is telling us is that demand for oil is slackening, so the price is falling, and has passed the point of profitability for many wells, so production is also slowing. No one is going to sell oil for less than it costs to get it to market. No one. This is not about Biden's policies, it's about the market. Sad to think that the head of our government knows so little about math and economics that he says things with such surety that his mouth-breathing followers believe him, yet then cannot understand when facts make a liar or a fool out of the fat orange criminal insurrectionist and golf cheat...