It is a mystery and yet it isn't.
Oil got awfully high before dropping.
It got high because demand was increasing. It dropped because supply increased.
The high price signalled producers to get more oil to market. One magical day they got a little more than was needed. The price started to drop.
And there is a lag. It takes a while to get oil on line. Same thing for houses and other buildings. So the supply keeps going up even after prices start falling. Ultimately everything adjusts. But it always overshoots in both directions.
The pundits have concentrated on demand in the analysis of oil prices. They have said very little about the increasing supply.
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