Because literally everyone else on earth is also shifting to try and get oil from those other sources. Hence the increasing prices. Same demand, 20% less supply.

March 31, 2026 - 14:34 UTC

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Not to mention the ongoing war between Russia and Ukraine which put pressure on the oil market as well. This is exactly why removing the EV tax credit was the dumbest thing whether you like EVs or not. It decreases demand so these supply issues can be more easily handled.
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Thanks.
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