A particular product may well be worth $100--but only to someone who has a need for it. If you have no need for it--and do not even desire it--then it certainly has no value to you. How does that speak to the matter of subjectivity, anyway?
How can you assert that? I am retired; and I have some mutual funds. Although a specific stock may lose value--indeed, the company behind it may even go kaput--there is no real possibility that the funds, as a whole, might lose value.
This is all about global oil prices. Since we get almost all of our oil from here in America--we are almost entirely independent in this regard; and we even export some oil--why should we care about global oil prices?
Way back, like ten years ago, I remember one analyst saying that one Iranian attack on a tanker in the Strait of Hormuz, and gas will hit $10 a gallon overnight; this because of the cost of insuring the tankers.
The oil market IS global, including oil we get here. And we still import about 11% of US crude supplies. Do you really think Exxon or BP are going to sell oil here when they could make more money selling it somewhere else?
Either we're being trolled or someone is genuinely confused about global market pricing. But I agree with you: Exxon or BP will gladly sell it locally but at global pricing, I guess someone that is very naive might not understand how this works.
The one thing that is not being factored into the long term price of oil are things like this. https://www.bbc.com/news/world-europe-48668791 Yes Ireland is a very small country, but banning petrol and diesel fueled vehicles seems to be a common battle cry across Europe. In fact many European cities are banning the car altogether. Going to make the next decade or two very interesting for the private car owner.
I simply do not engage in unserious matters. So please answer them--if you are, indeed, able to do so.
