Mr. H.
Diamond Member
Thanks for the reply.
In 1999, oil bottomed out at around $12/barrel, and gasoline was $1/gallon. Do you suppose the price was manipulated downward in order to create demand? If so, it must have come with a hefty price to the industry seeing how thousands of companies went out of business and hundredes of thousands of industry jobs were lost.
I might add that 95% of the drilling activity in this country is done by independents - not major oil companies. Maybe these independents were just collateral damage?
In 1999, oil bottomed out at around $12/barrel, and gasoline was $1/gallon. Do you suppose the price was manipulated downward in order to create demand? If so, it must have come with a hefty price to the industry seeing how thousands of companies went out of business and hundredes of thousands of industry jobs were lost.
I might add that 95% of the drilling activity in this country is done by independents - not major oil companies. Maybe these independents were just collateral damage?