bbl price - why so low?

Basis economics, when there is a lot of oil it's cheap. When the economy picks and we start using more oil the price should come up.

 

I'm sure that is a big factor. Less people driving to work as millions of manufacturing jobs went overseas.

 

Not lesser demand. Rather oversupply due to some OPEC countries flooding the market.

 

As you can see in this link demand has been down since 2007 and we still have not recovered to pre 07' usage.

https://www.indexmundi.com/energy/?country=us&product=oil&graph=consumption

 

http://www.wtrg.com/rotaryrigs.html


@RockinChair Here's is the rig count. Go towards the bottom and they have graphs.

 

Market flooded with oversupply. The US and the rest of the world use more oil now more than ever. The U.S. uses around 25 million Barrels a day. Just wait until the developing countries become middle class.