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42 sats \ 1 reply \ @openyoureyes 30 Aug \ parent \ on: US oil production hit record high in June, EIA says econ
No, it is trade war and the hegemony of the petro dollar.
It is stupid to pump it out of the ground while its worth is declining. Even in times of inflation the price of oil is going down.
It is stupid to sell while russia sells at a discount price.
But they have to do it to give at least some worth to the dollar.
If you look at euro and dollar you will see that the dollar has suffered a lot.
And you still compare it to the euro, a currency of a failing continent and business model that actually supports a war with billions of its currency.
All they're doing is allowing projects to proceed. These are private projects that are making their own profit and loss calculations. What would be, and has been, stupid is using state violence to prevent profitable energy development.
The high energy prices that everyone became accustomed to were artificially inflated by restrictive development regulations in America. There's no reason to think of those prices as the right points of comparison.
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