China and India are still importing record amounts of Oil (and presumably at a discounted BRICS+ rate) despite China's slowdown and property debacle. Youth unemployment mentioned at 50%.
Only the West are concerned with "climate change" issues. The USA's Oil consumption is still 5x China and 15x India per capita.
Macron is contemplating an Oil producer profits tax at a time when Oil producers are experiencing costs inflation of 50% to 100%.Why would any of them consider investing given the high cost of capital and extreme risk when they can just invest risk free in USTs?
Oily Joe is (without fanfare) ramping up US Oil production while simultaneously (and with much fanfare) dissuading domestic shale investment and cancelling Oil leases in Alaska.
While Oily Joe has been ramping up US Oil production, New Yorkers plan to protest against new US Oil developments this weekend.
Meanwhile, US major Oilers bid with China's CNOOC for Guyana leases.
"The oil-price rally continued in full force on Monday, with Brent crude closing in on $95 per barrel in early afternoon trading, and some crude grades around the world topping $100"
"Swedish bank SEB analyst Bjarne Schieldrop as saying in a report that “Saudi Arabia and Russia are in solid control of the oil market”
Oil is the most important commodity in the World and powers every economy.
The USA's gambit of economic sanctions on Russia to collapse their economy has failed. Instead it has caused Russia and Saudi Arabia to now be the principle determinant in future PoO ... and in turn US Inflation.
Costs inflation requires further PoO increases, which causes further inflation like a dog chasing its tail, until something breaks. The US$?
