The “keep it in the ground” snowflakes are certainly a clueless bunch. They have no idea what they are talking about and standing on the street and chanting while wearing faux fur, Dacron II filled nylon jackets with plastic zippers, and holding up signs made from vinyl speaks volumes about their nonsensical view of the world. Never mind 99% of them drove to the protest in an automobile and the IPhone in their pocket wouldn’t function without petroleum.
You cannot have a modern world without oil and petrochemicals. And to do so would make a major shift to using plant based oils which means you rip up millions of acres of grassland and suboptimal land to grow soybeans and corn.
Trump also doesn’t seem to understand that we need exports and imports of oil to survive under the current energy policy. But perhaps he will learn. Obama made it clear no Canadian imports. We need those heavy oil imports to blend with our ultralight “unconventional” oils. We do not have heavy oils in abundance and we are importing more and more oil from overseas to blend with our own light crudes. That is why pipelines are so important.
But overall, we have a huge glut of supply and it isn’t going away fast. Indeed, despite higher prices recently, I will predict that gasoline prices must fall again this summer. The imbalance caused by this light / heavy crude issue and the lack of “legacy” oil has filled our storage in Cushing and elsewhere to capacity.
For more read Art Berman’s petroleum blog.