It was expected that the oil price for WTI (US Shale quality) would dip low, the writing was on the wall after the Saudi's and pandemic hit. What we are seeing now is the trickle effect of that (lowering demand, full stockpiles), but the question is for how long and what's in store for the future. You can read all the expert opinions (because that's all it is), there will be some on the side of optimism and others pessimistic.
I see trump is trying to make oil go up again. Why? I have filled up here and my car only cost me $10 to fill it entirely and I had my gas light on. But that savings helps me spend it other places, stimulating the economy. Also since it's so low it will cause people to travel, therefore stimulating the economy as well.
Oil Demand Has Collapsed, And It Won't Come Back Any Time Soon
The pandemic massively reduced the world's consumption of oil. Now two influential reports suggest that this state of affairs will continue well into 2021 — if not longer.
www.npr.org
California Gov. Newsom executive order bans gas, diesel cars by 2035
Heavy-duty trucks will follow the mandate by 2045.
Thanksgiving giving week, hoping people travel.
Probably more about the vaccines coming in my opinion.
Should look into Cryogenics stocks since the vaccines have to be transported super cold. Also sounds like some bad side effects.
Covid vaccine: CDC should warn people the side effects from shots won't be 'walk in the park' (cnbc.com)
US energy independence is on the way out
U.S. energy independence, a cornerstone of Trump's administration, is being watered down.
Keystone XL May Be Sold for Scrap If Biden Moves to Kill It
The Canadian province that invested $1.1 billion of taxpayers’ money in the controversial Keystone XL project is now considering the sale of pipe and materials to try to recoup some funds.
www.bloomberg.com