These are the same guys who say we will never see $100.00 bbl oil again in our lifetimes. They must think the dollar will be king forever. They really, fundamentally, seem not to understand our systems. Like, they may not really understand just how fast we will start drilling again as soon as oil rises - which it will. They do not understand inflation.
I think they are better served maximizing in a consistent manner. Hell, Saddam attacked Kuwait in 1990 when oil got too low - it's not a stable strategy.
U.S. commercial crude oil inventories (excluding those in
the Strategic PetroleumReserve) decreased by 4.2 million barrels fr
om the previous week. At 537.1 million
barrels, U.S. crude oil inventories are at hist
orically high levels for this time of year.
Total motor gasoline inventories increased by 2.0 million barrels last week, and are well
above the upper limit of the average range.