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.
Negative now boys!
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.
Going to wind.
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.