The price of oil keeps going up WTI over $90, a barrel, same is true for Brent. Now you might ask yourself why is that weird, after all there is a military action going on near oil producing states in the Middle East. Well the problem is the world probably has too much oil being produced but a hardship of shipping much of it. Now if I remember my economics the price of crude should be going down because their is not much need to produce oil if much of it can’t be shipped or the cost of shipping is too high.
Yea the cost of gasoline should be going up, same is true of electricity that is run on oil for the product can’t be refined significantly, that basic economics, but the price of the raw material shouldn’t be going through the roof, as we who studied capitalistic economics should understand.
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