Adviser Investments portfolio manager Adam Johnson discusses his outlook for oil prices.
Yeah, I mean, it does, but remember, you know, cars have gotten, not to simplify, but cars have gotten so much more fuelefficient. So when you think about it, you know if you can get 40 miles a gallon, that's very different from the 20 miles a gallon that you got, you know, 15 years ago. So $100 oil actually bites the consumer less than it used to. And again, I don't mean to oversimplify, because oil is an input for so many different aspects of the economy.
The one issue that we have to wrestle with is the fact that at the moment, even though we have all this oil in the ground, we're undersupplied. You know, producers shut off the spigot a year and a half ago when oil went down to 15 or 20 bucks. It didn't obviously pay to bring it out of the ground. You can't just turn the spigot back on. You couple that with the fact that the Biden administration curtailed drilling on federal land, and it was a serious impact on supply.
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