In some other places, I hear that there is no work in that profession. The same appears to be happening to companies, with Facebook down 20% today while oil companies see no signs of recession.
Oil reserve has a mix of different kinds of oils. We’ve been using up the better stuff. Not sure how much of that’s left.
US has a 25 day supply of diesel.
The Administration is announcing its intent to use SPR repurchases to add to global crude oil demand at times when the price of West Texas Intermediate (WTI) crude oil is at or below about $67 to $72 per barrel. This will protect taxpayer interests because the SPR will be repurchasing at a lower price than recent sales, potentially allowing it to repurchase more oil than it released with sale proceeds. It will also help address producer concerns about uncertain demand in future years, encouraging immediate investment."
https://www.whitehouse.gov/briefing-room/statements-releases...
The WH is going to have to wait a bit for those prices. Right now WTI is $89/bbl:
https://www.cnbc.com/quotes/@CL.1
Last time price fell below $72 was December '21.
But on the flipside you have things like housing taking a downturn (not just home prices, but actual housing construction) which negatively impacts all of their suppliers (HVAC equipment, lumber, contracting companies, etc etc).
So there are some of those leaders who have a likely justified negative outlook.