Regarding oil prices; prior to last March, domestic production had been on a positive swing for several years, with the price over $45/barrel (which is over the break-even point for the US Shale industry). Globally, oil consumption was decreasing; most significantly in China starting in late January and February, with all signs pointing to the China Flu.

In late February 2020, the Russians broke stride from their 2016 alliance with Opec. This agreement had both entities agreeing to share in production cuts to control/manipulate the price of oil. BUT, since 2016 (or before, I just know since when I became somewhat versed in the biz) the US Shale Industry was profitable and producing oil domestically, therefore Opec/Russians weren't dictating the US oil market. BUT, China became the #1 oil consumer along about 2016, so those 3 were busy trying to all 3 screw each other.

OK..back to late February. As I mentioned, the Russians wanted more of the market share. Therefore they gambled that by upping production, the global price would drop, making the US Shale Industry non-competitive! Which would work, but it really pissed-off their Opec partners. In early March 2020..Opec and Russia have a Pow-Wow to try to get back on the same team. The Arabs try to rein-in their "comrade" but they don't receive any confirmation from the Russian's that they want to play nice. So...the Arabs take off the gloves, open the valves, and let the juices flow! We didn't see oil production like that in over 30 years! The bottom fell out of the domestic market (and the world too)! By mid/late-March, one day I said on my morning conference call to the office in Colorado, "a bunch of Texas billionaires, woke up millionaires today"! Almost all planned expansion and new infastructure projects were halted for domestic oil production immediately.

The Russian's/Opec succeeded in tripping the breaker on the US Shale Industry, that's for sure! Domestically, Covid didn't have much to do with it, IMO. I just remarked on another thread how diesel has increased over $1 in less than 2 months locally (very close to a 50% increase). It's not summer and Covid hasn't changed that significantly that I'm aware of? I'm not in the petroleum industry anymore so I'm not sure why, but my first thought was the change in the political party?