It's the current president's fault. It's the previous president's fault. It's about the Russian invasion of Ukraine, and on and on.
Now Yahoo! Finance columnist Rick Newman suggests that politics and war aren’t the problems, but simple economics are.
Newman says that while sanctions against Russian oil play a part, oil companies are reluctant to produce more oil because if they overproduce, they’ll see their profits sink.
He points to an oversupply situation that existed from 2015 to 2020, and how profits cratered during that time, before the coronavirus pandemic made the situation even worse.
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