The short covering rallies in oil are growing ever shorter and the price declines ever steeper...
"Are we there yet?"
U.S. crude oil storage (red line) with oil price (black):
I circled the 1998 bottom and the 2009 bottom. I drew a dotted line to the last major "rally" in crude aka. false dawn. And of course lower inventories require lower production...
It's a lesson in economics for an Idiocracy that believes that lower prices equals lower supply. Similar to the job market, when survival is at stake, people will work more hours, BECAUSE of lower wages. And oil producers will produce MORE oil at lower prices just to stave off bankruptcy.
It's a lesson, they're never going to forget.
The Grapes of Wrath:
What every EconoDunce is going to learn the hard way...whoever will accept the lowest wage, gets the job: