Three years of roaring oil prices could be coming to an end

https://www.cbc.ca/news/canada/calgary/oilpatch-2024-prices-gasoline-1.7373407?cmp=rss

5 points · 2 comments · view on lemmy.world

2 Comments

avidamoeba@lemmy.ca · 4 pts · 1y

Wait, given that OPEC controls the market price, especially given Saudi's capacity to increase/decrease production, why would we expect them to let prices fall significantly?

EndOfLine@lemm.ee · 2 pts · 1y

Because the reason oil companies have been making record profits is because production was not cheaper?

Is that the argument being made? Oil faced with higher costs = higher profits,therefore lower costs = lower profits?