As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.
It’s been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers.
TVNL Comment: We told the world that this would happen and we told the world how to make this happen. You see cure oil is refined into many products; gasoline, heating oil, kerosene, resins, etc. All you have to do is stop using one of these products for a very short period of time and all the oil companies would have to lower prices because they could not simply dump one product and produce the others. This is why demand is managed. This is why they fly planes with no passengers to complete scheduled flights and why they refuse to improve fuel efficiency in cars. All we had to do is park our cars for about 2 full days and we would brinng the oil companies to a halt. If EVERYONE stopped driving for 2 days we could have ended the price gauging. - Jesse Richard, TVNL Editor.